How to Apply for Nigerian Student Loan 2024 Scheme
Nigerian Student Loan Application Date 2024
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
How to Apply for Nigeria Education Loan NELFund 2024
Nigerian Student Loan Portal 2024
How will the Nigerian Student Loan be Disbursed?
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.
