The Nigerian Education Loan Fund (NELFUND), headed by Managing Director Mr. Akintunde Sawyerr, has officially opened its portal for student loan applications. The Student Loan is part of the ongoing efforts to support students in their educational journeys by providing much-needed financial assistance.
NELFUND has been established to oversee the federal government's student loan initiative, which was announced last year. This program is aimed at making higher education more accessible to a broader range of students in Nigeria by reducing the financial barriers that often hinder academic progress.
The 2024 Nigeria Student Loan program offers a detailed framework for students to apply for Educational Loans. Eligible students are strongly encouraged to take advantage of this opportunity to further their education and personal development. By participating in this program, students can ease their financial burdens and focus more on their academic pursuits, thereby enhancing their overall educational experience.
Here’s an in-depth look at the 2024 Nigeria Student?Education Loan Fund and a step-by-step guide on how you can apply:
Requirement to get Student Loan in Nigeria
The initial restrictions requiring a family income average of ₦500,000 and a positive parental loan history have been removed. Now, any Nigerian student enrolled in a public tertiary institution, such as a university, polytechnic, college of education, or vocational school, is eligible to apply.
However, you’ll need your JAMB registration number, National Identity Number (NIN), Bank Verification Number (BVN), and student matriculation or registration number to complete the Loan application on the NELFUND's portal. The application process is entirely online, free of charge, and requires no in-person meetings.
Applying for NELFUND's Student Loan
The NELFUND student loan application online portal has been opened on May 24th, 2024. Follow these steps to successfully apply for the NELFUND's Student Loan in Nigeria and get approved.
1. Create a Profile on the NELFUND Portal
To create a NELFUND's profile, visit http://nelf.gov.ng/ on your device's web browser. Click on "Apply Now" and then select "Get Started." Next, you'll be required to answer a question; "Are you a Nigerian?" Toggle ON your option and proceed. Then, you'll be able to verify your educational information by selecting your institution from the drop-down menu and entering your matriculation number.
Next, you'll be required to verify your JAMB's profile. However, If your National Identification Number (NIN) is not already linked to your JAMB profile, you will need to enter it for validation. Click "Verify with JAMB" to log in with your JAMB credentials.
Once you've successfully verified your JAMB's Profile, you'll be required to create your account using your email and preferred password. You'll be sent a verification email to confirm your address. Just click the link in the email to complete your profile registration.
2. Submit your Personal Information
After creating your account and logging in, click "Proceed to Contact Details" to add your phone number, address, state, and local government area. Next, click on "Proceed to Educational Details." This is where you can tell about your school.
Just choose your higher institution and enter your matrix number. This will help to connect your profile to your academic records. Next, click on "Proceed to Account Details." Here, you can add your Bank Verification Number (BVN), bank name, and account number.
Once you've filled out both sections, just click "Save Changes" and you're good to apply for the Student Loan.
3. Apply for the Student Loan
- Request the Loan: Start by clicking on "Request for Student Loan" located at the top right corner of your screen.
- Choose your Loan Type: If you need financial support for both tuition and living expenses, click the checkbox for the "upkeep loan" and continue. If you only require funding for your tuition fees, click the "Continue" button.
- Upload Required Documents: Make sure to upload your admission letter as it's mandatory. You can also include your student ID and institutional invoice if you have them, but they're optional. Once you've uploaded the documents, agree to the policy and declaration by clicking the checkbox and then click "Continue".
- Review and Submit: Read the loan overview carefully. If you agree to the terms and conditions and the GSI Mandate, click the corresponding checkboxes. Finally, submit your application.
- Track Your Application: Once submitted, you can check the status of your application by clicking on the "Loans" button in your NELFUND's dashboard. This will allow you to monitor its progress.
The Student Loan's Repayment Procedures
The Federal Government understands the difficulties graduates often face in securing employment immediately after completing the National Youth Service Corps (NYSC). Therefore, the repayment of student loans does not commence until two years after the completion of NYSC.
This grace period provides graduates with the necessary time to find a job or start a business. Once employed, repayment begins, with a manageable 10% of the graduate's salary or income automatically deducted through the payroll system, similar to tax or pension deductions, until the loan is fully paid off.
The student loan scheme also accounts for unforeseen circumstances that might prevent graduates from securing employment or starting a business within the initial two-year period. In such cases, graduates can appeal for an extension of the repayment period.
However, this requires submitting a sworn affidavit and other forms of evidence to substantiate the claim. The fund will then review the appeal and determine if an extension is justified based on the provided evidence.
Loan Forgiveness in Exceptional Cases: In addition, the program offers Loan forgiveness in cases of permanent disability or death. This provision ensures that graduates or their families are not burdened by the debt in such unfortunate situations.
Monitoring and Support: To assist graduates throughout the loan repayment process, the program includes mechanisms for monitoring and support. Graduates are encouraged to keep the fund informed of their employment status and any changes in their financial situation.
The Bottom Line
In conclusion, submitting false information or attempting to manipulate the NELFUND system is a serious offense, punishable by up to three years in jail, a fine, or both. NELFUND ensures complete transparency in its operations; remember, the application process is entirely online, free of charge, and requires no in-person meetings.