Official Alert: Beware Fraudulent Federal Study Loan Site, NELFUND

The Nigerian Education Loan Fund (NELFUND) has issued a warning regarding what it terms a “fraudulent advertisement” concerning a ‘Federal Study Loan.’

The caution comes in response to adverts appearing on certain news websites promoting the website www.fedstudyloan-gov.ng as the application platform for the eagerly awaited student loan program of the Federal Government.

In a statement released on Friday, Nasir Ayitogo, the Media and Public Relations Lead of NELFUND, emphasized that the organization has no affiliation with the aforementioned website and strongly denounces any efforts to mislead students seeking financial assistance.

Ayitogo clarified that the official channel for student loan applications through NELFUND will be made public in due time via www.nelf.gov.ng.

He urged individuals encountering the counterfeit website to promptly report it to the authorities.

NELFUND prioritizes the security and welfare of students and is dedicated to furnishing accurate information and resources for financing their education.

Students are advised to exercise caution and verify the authenticity of any website or service purporting to represent the organization.

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In the meantime, affected individuals are encouraged to report any such scams to the appropriate authorities immediately.

On April 3, President Bola Tinubu endorsed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.

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This legislative action follows deliberations by both the Senate and the House of Representatives on the report of the Committee on Tertiary Institutions and TETFund.

The newly enacted legislation is an enhancement of the Access to Higher Education Act, 2023, which Tinubu signed into law on June 12, 2023. It enables financially disadvantaged students to access interest-free loans for their academic pursuits in Nigerian tertiary institutions.

Additionally, the law establishes the Nigerian Education Loan Fund to manage all loan requests, grants, disbursements, and recoveries.

Although the government initially announced a launch date for the scheme in September, it faced delays due to a review of the previous law and the expansion of its scope to include loans for vocational skills.

The revised law authorizes the appointment of a Chairperson, a Managing Director, and two Executive Directors of Finance and Operations, each serving five-year terms, to support the Managing Director in executing responsibilities.

It also grants the Loan Fund corporate status with the authority to enter contracts, including loan agreements with applicants, and pursue enforcement actions to reclaim loans from beneficiaries, provisions that were absent previously.