The Nigerian Education Loan Fund (NELFund) has stated that its system for the application of the student loan scheme has been fully digitised, thus ending the era of human interaction with the application processes.

NELFund noted that with the upgrade, all accredited institutions are now required to request access to the Student Loan Application System (SLAS) to verify and upload student data related to loan applications.

Oseyemi Oluwatuyi, Director, Strategic Communications, NELFund, in a statement on Wednesday, said the successful digitisation of the application processes is a critical step that would help to streamline and accelerate the student loan processing experience for institutions and applicants.

She urged all institutions to take immediate action in the interest of their students, as verification and data uploaded by the institutions are mandatory steps before final approval and disbursement can be completed.

“To this end, institutions that are yet to onboard onto the system are kindly requested to send an access request to registration without delay.

Once granted access, institutions will be able to view a real-time dashboard of their students’ loan applications, verify submitted data, and track the status of each application.

“To our successful student-applicants, please note that if your loan portal status currently shows ‘Verified’, it means that your application has successfully passed initial checks.

“However, final approval and disbursement are subject to confirmation and upload of your data by your institution. Once this process is completed, your status will be updated to “Disbursed” when the payment of your fees has been processed.

“These are critical steps that ensure the timely processing and disbursement of approved student loans.”

She appreciated the cooperation of all institutions and the patience of the student-beneficiaries as they continue to streamline and digitise the student loan experience for greater transparency, efficiency, and accountability. (Daily Sun)