The Nigerian Education Loan Fund (NELFUND) announced that the first phase of its student loan program application portal will open on Friday, May 24, 2024.
This announcement was made by the Managing Director /Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr at a press conference focused on pre-application sensitization.
Sawyerr revealed that around 1.2 million students from federal universities, polytechnics, colleges of education, and technical colleges whose institutions have uploaded their data are eligible to apply for the interest-free loan.
“There are approximately 1.2 million students in federal tertiary institutions owned by the government.
“Today, by inference, 1.2 million students maximum at the federal level (will benefit), but there might be an opportunity to increase the capacity in terms of more institutions, and when we begin to bring in state-owned institutions, then the numbers can go up,” Sawyerr said.
Highlighting that the loan initiative is a key part of President Bola Tinubu’s Renewed Hope Agenda, Sawyerr urged eligible students to use this opportunity to pursue their education without immediate financial stress.
“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions. Prospective applicants can begin their application process effective from the 24th of May, 2024, immediately,” Sawyerr added.
Key Features of the Student Loan Program:
- No physical contact between the applicant and NELFUND.
- User-Friendly Portal: The application site is designed to be easy to navigate.
- Comprehensive Support: Online help is available for applicants during the process.
- Affordable and Flexible Repayment Plans: The interest-free loan offers flexible repayment starting two years after completing the National Youth Service Corps (NYSC) if the individual is employed.
Steps to Access the Loan:
- Log into the Portal: Visit the NELFUND website (www.nelf.gov.ng) and access the Students Loan portal.
- Create an Account: Create a new account or log in with existing credentials.
- Required Documents:
- Joint Admissions and Matriculation Board (JAMB) admission letter
- National Identification Number (NIN)
- Bank Verification Number (BVN)
- Complete the Application: Fill in personal, academic, and financial information.
- Submit Your Application: Review thoroughly before submitting. A confirmation email with further instructions will follow.
“We encourage all students in federal institutions to take advantage of this opportunity to secure the required financial assistance for their education. Applicants must submit their applications as early as possible to ensure timely processing.”
He, however, advised individuals who might be prompted by a fraudulent motive to access the loan to stay away from the scheme, as such persons will be tracked by relevant security agencies.
“We are working with security agencies to make sure the beneficiaries are not those that will defraud the system,” Sawyerr said.
