Financial aspects of studying in tertiary institutions in a country like Nigeria can be challenging especially if you come from an average home, but with the NELFUND Student Loan, Nigerian students have a resource to help manage the costs.
This blog post aims to provide clear and straightforward information about the NELFUND Student Loan application process and what students need to know.
What You Should Know About NELFUND Loan
The Nigerian Education Loan Fund (NELFUND) is an initiative by the Federal Government of Nigeria designed to increase access to higher education in the country.
It offers interest-free loans for tuition fees, ensuring equal access to higher education for all eligible candidates and reducing financial stress on students and families.
- 10% of the beneficiary’s salary will be deducted at source by the employer
- Self-employed beneficiaries are required to remit 10% of their monthly profit to the Fund
- Beneficiaries can repay beyond the statutory 10% monthly repayment if they wish.
NELFUND Student Loan Eligibility Requirements
To be eligible for the NELFUND Student Loan, applicants must be Nigerian students enrolled in a public tertiary institution. The program has moved away from previous barriers tied to family income and parental loan history, making it more accessible to a broader range of students.
Students who wish to apply for the loan must meet the following requirements:
- Students must have secured admission into any public Nigerian university, polytechnic, college of education, or vocational school
- Applicants must provide proof of admission, including their Name, Date of Birth, Admission Letter, JAMB number, Matriculation number, and BVN
- There is no age limit for applicants
- All new and existing students in the above institutions can apply for the loan
- Direct entry students into higher institutions can apply for the loan but must have a JAMB number
- Scanned admission letter for new students (compulsory), scanned Student Identification Card (optional)
Students from some institutions, whose institutional fees have already been paid by NELFUND, are already receiving their upkeep stipends for this month. All eligible students will receive their stipends every month.
How Much NELFUND Loan Can Students Apply For?
The specific loan amounts that students can apply for are not detailed in the research we made However, we believe the amount a student can apply for is determined by the institutional charge of each institution, the loan covers institutional charges and provides an upkeep loan, which is paid directly to the student’s bank account.
How to Apply for NELFUND Student Loan
The application process for the NELFUND Student Loan is straightforward and entirely online. Here are the steps students need to follow:
- Go to https://nelf.gov.ng/
- Click on APPLY NOW and complete the NELFUND application form or visit https://portal.nelf.gov.ng/ directly
- Enter your personal information on the NELFUND student loan online registration form, including the name of institution of study, admission or matric number, JAMB number, date of birth, NIN, and BVN
- Submit your application details to complete your account creation
After successful verification, payments will be made to the institution for institutional charges, while the upkeep loan will be paid to the student’s bank account.
Repayment Schedule
The repayment schedule is lenient, acknowledging the challenges of the post-NYSC job market. Repayment starts two years after completing the National Youth Service Corps (NYSC) service, with a manageable 10% deduction from the student’s salary or income until the debt is cleared. There are provisions for loan forgiveness in cases of hardship, disability, or death.
In conclusion, the NELFUND Student Loan is a significant step towards making higher education more accessible to Nigerian students. With its simple application process and considerate repayment terms, it offers a practical solution to the financial challenges of pursuing higher education.