How to Apply for Nigerian Student Loan 2024 Scheme
Are you interested in applying for the Nigerian Student Loan scheme? This article will show you how to get Nigeria Education Loan Fund (NELFund), the registration portal, eligibility criteria, application dates, and other essential details to secure your
student loan.
According to the Federal Government, a maximum of 1.2 million students across federal tertiary institutions will access the students’ loans in its opening phase.
The Nigeria Education Loan Fund (NELFund) scheme was designed for indigent Nigerian students in
tertiary institutions, and applications would be done online. This initiative aims to eliminate financial constraints as a barrier to tertiary education for students in Nigeria. Recognizing the widespread challenges faced by many students in covering their fees, the program seeks to address the prevalent issue of high dropout rates.
On June 12, 2023,
President Bola Tinubu endorsed the Access to Higher Education Bill, officially enacting it into law. This legislation aims to facilitate underprivileged students’ access to interest-free loans for pursuing their education in any Nigerian tertiary institution.
Nigerian Student Loan Application Date 2024
The application for the Nigeria Education Loan Fund NELFund will start May 24, 2024. The exact date for opening the registration portal has not been made known.
NELFund Eligibility Criteria
- The applicant must be a Nigerian citizen.
- The applicant must be a bona fide student of a higher institution of learning in Nigeria.
- The applicant must qualify for financial inclusion.
- The applicant must have acceptable academic performance.
- Individuals applying for second, master’s, or doctorate degrees are not eligible for the loan.
- Applicants must be undergraduates currently enrolled in a tertiary institution or applying for the first time.
Requirement for Nigerian Student Loan Application 2024
- To apply for NELFund, applicants must meet the following Requirements:
National Identification Number (NIN)
- Bank Verification Number (BVN)
- JAMB Registration Number
NB: Applicants must have these basic personal data in their
digital records for a smooth verification process.
How to Apply for Nigeria Education Loan NELFund 2024
Kindly visit the NELFund application portal at
https://nelf.gov.ng, input the required information and apply for the Nigerian Student Loan for 2024.
Nigerian Student Loan Portal 2024
How will the Nigerian Student Loan be Disbursed?
The loan will be disbursed directly to the schools through NELFUND’s single treasury account at the
Central Bank of Nigeria (CBN) without any intermediary, such as commercial banks and finance houses. This mean the applicant won’t receive the loan with their personal account.
How to Repay Nigeria Education Loan Fund
To repay the Nigerian student loan, The Federal Government has said the recovery process from beneficiaries of the Nigeria Education Loan, NELFund, scheme would commence two years after the National Youth Service Scheme, NYSC. The reason for the two-year grace after NYSC was to afford the beneficiaries enough time to get a job and be stable before the repayment.
There will be a register of those who have taken the loan and employers will have access to that register and see who has a loan. According to the Government, if they don’t have a job two years after NYSC, they cannot compel them to pay. The applicants will be given time till they will be able to pay.
The law provides that for students who go into paid employment, repayment will be two years after NYSC, but that does not mean that they cannot pay back before that time.
Thanks for reading, good luck in your application for the Nigerian student loan.
