How to Apply for Student Loan in Nigeria as Application Portal Opens May 24

The Nigerian Education Loan Fund (NELFUND) has initiated the pilot phase of a new student loan scheme, initially targeting federal tertiary institutions.

Endorsed by President Bola Tinubu in June 2023, this policy aims to ease the financial strain on students by providing interest-free loans.

Although initially planned to launch in October 2023, its rollout was postponed until a re-launch in April 2024. NELFUND has announced that it will open the application portal on May 24.

To qualify for the loan, students must provide their admission letter, national identification number, and bank verification number.

How to Apply:

Visit the Portal: Go to the NELFUND website at www.nelf.gov.ng and access the student loan section.

Create or Log In to Your Account: Register for a new account or enter using existing login details if you’ve registered before.

Document Upload: Provide your Joint Admissions and Matriculation Board (JAMB) admission letter, National Identification Number (NIN), and Bank Verification Number (BVN).

Complete the Application: Fill in the required fields with your personal, academic, and financial information.

Finalise Your Application: Review and submit your application. A confirmation email will be sent detailing further steps.

Akintunde Sawyerr, the managing director of NELFUND, recently hosted a sensitisation conference in Abuja to discuss the nuances of the loan scheme.

He emphasised that the initiative is intended to cover essential fees and provide stipends to financially needy students.

ALSO READ: Student Loan: 10 Mistakes That Trap Nigerian Graduates

Initially, the student loan scheme will be available to students attending federal universities, polytechnics, colleges of education, and technical schools whose data have been fully uploaded by their institutions.

Sawyerr also announced that the application process, starting May 24, is streamlined for ease of use, designed to ensure no physical contact is necessary between loan applicants and NELFUND.

The portal is user-friendly and includes an intuitive design for straightforward navigation and an online support system to help students during the application process.

Additionally, the loan scheme is structured to offer flexible repayment terms, starting two years after the borrower completes their National Youth Service Corps (NYSC) program, provided they have secured employment, facilitating a smoother financial transition into the workforce.

Additionally, the loan scheme is structured to offer flexible repayment terms, starting two years after the borrower completes their National Youth Service Corps (NYSC) program, provided they have secured employment