By Kayode Sanni-Arewa
The eagerly awaited Nigerian student loan program is finally here, set to begin on Friday, 24 May, 2024.
With 1.2 million students in federal tertiary institutions eligible for the first phase, this scheme promises to make higher education more accessible.
Here’s a comprehensive guide on how to apply for the loan and what to expect from this new initiative
– The scheme covers students in federal universities, polytechnics, colleges of education, and technical colleges.
– The family income threshold has been removed, allowing more students to apply and take responsibility for repayment.
2. Interest-Free Loans and Monthly Stipends:
– The loans are interest-free.
– Students will receive monthly stipends for upkeep.
3. No Physical Contact Needed:
– The entire application process is conducted online, ensuring convenience and efficiency.
4. Direct Payment to Institutions:
– Tuition fees are paid directly to the institutions, and only for one session at a time.
Hereunder is the Step-by-Step Application Process:
1. Check Your Eligibility:
– Ensure you are a student at a federal tertiary institution.
– Confirm that your institution has uploaded your data on the Nigeria Education Loan Fund (NELFUND) dashboard.
2. Prepare Required Documents:
– Admission letter from the Joint Admissions and Matriculation Board (JAMB).
– National Identity Number (NIN).
– Bank Verification Number (BVN).
3. Visit the NELFUND Website:
– Go to the official portal: [www.nelf.gov.ng](http:/www.nelf.gov.ng).
– Navigate to the loan application section.
4. Complete the Application Form:
– Fill out the application form with accurate and up-to-date information.
– Upload the required documents.
5. Submit Your Application:
– Double-check all entries for accuracy.
– Submit the completed application form online.
6. Await Confirmation:
– Monitor your email and the NELFUND portal for updates on your application status.