The federal government has concluded the plan to launch the application for student loans by May 24 for the students of tertiary institutions across the country.
In April 2024, President Bola Tinubu signed the re-enactment bill of the Student Loan Act to grant interest-free loans to Nigerian students.
The Nigeria Education Loan Fund (NELFUND) had said that the portal for the loan application will open on 24th May.
However, some requirements have been set by NELFUND which must be met by intending applicants for the loan.
Requirements for NELFUND applicants
According to NELFUND, students must possess the following to apply for the loan:,
- A student must have their admission letter issued by the current institution at the point of entry.
- Students are expected to have a national identification number NIN),
- Applicants must be students of federal institutions (subject to change later), and
- Applicants are also expected to provide their bank verification number (BVN).
How to apply
- Log into the portal: The loan application portal is available on the NELFUND website (www.nelf.gov.ng). Log on to the student loan portal on the website.
- Create an Account: On the loan portal, create an account or log in using your existing credentials if you have created an account before.
- Documents required: Applicants will require the Joint Admissions and Matriculation Board (JAMB) admission letter, the National Identification Number (NIN), and their Bank Verification Number (BVN).
- Complete the application: Fill out the required information, including personal details, academic information, and financial need.
- Submit your application: Review your application thoroughly before submission. Once submitted, you will receive a confirmation email with further instructions.
The managing director of NELFUND, Akintunde Sawyerr, who hosted a pre-application sensitisation conference on Monday in Abuja said the loan scheme is designed to provide financial assistance for obligatory fees and stipends to needy students.
Sawyer said the pilot is meant for students in federal institutions including universities, polytechnics, colleges of education, and technical schools whose institutions have completed and uploaded their student data.
He added that the student loan scheme remains interest-free and offers flexible repayment options to commence two years after completing the National Youth Service Corps (NYSC), provided the individual has secured employment.
