With the recent announcement by the Federal Government of Nigeria of the opening of the student loan portal, here are the steps to follow to apply for Nelfund Student Loan.
What is NELFUND Student Loan?
It is a student loan initiative of the Federal Government of Nigeria established to “break financial barriers in higher education.”
In essence, it provides easy access to interest-free loans for eligible Nigerian students in pursuit of their academic goals.
Features
- Interest-free loans
- Payment of loans begins two years after NYSC
What are the requirements
The primary requirement is that you’re a bona fide student of a federal higher institution. Thereafter, you should ensure the following:
- Confirm the upload of your data on the Nigeria Education Loan Fund (NELFUND) dashboard by your institution.
- Ensure you have the following documents and credentials ready: JAMB Admission Letter, BVN, and NIN (Learn how to retrieve NIN easily here) .
Steps to apply for Student Loan
- Go to NELFUND’s student loan portal
- Click on the “Apply Now” button to register
- Click on “Get Started”
- Answer the question “Are you Nigerian” by choosing “Yes, I am Nigerian” or “No, I am not”
- Next, verify your education information and student status (this is where you will need your JAMB details)
- Create your account by providing your email and password.
- Finally, ensure you click the verification link sent to your email to complete the activation of your account.
After you have activated your account, you need log in and complete your profile.
How to complete Student Loan profile
- Log in using your email address and the password you created earlier
- Provide your contact details by clicking on “Proceed to Contact Details” button. Here you will provide your full address, mobile number, state and LGA of residence (note: not of ORIGIN)
- Click on “Proceed to Educational Details” and enter the name of your higher institution and matric number.
- Click on “Proceed to Account Details” – here, you will provide your BVN, bank name, and bank account number.
- Click on “Save Changes” to complete your profile update.
NELFUND Student Loan application process
- Click on “Request for Student Loan” (while still logged in)
- Indicate if you will also need an upkeep loan in addition to the tuition loan bu checking the box. Otherwise, click “Continue”.
- Upload your admission letter (compulsory). You may choose to upload your institutional invoice and student ID
- After checking the box for Policy and Declaration, click “Continue” and proceed to study the Loan Overview. Agree to the Terms & Conditions and the GSI mandate, then, click “Submit”.
- You can click on “Loans” button on the platform immediately or at any other time to view your loan status.
Will both the Tuition and Upkeep Loan be disbursed to me directly?
No, the tuition Loan (Institutional Charge) will be made to your institution, while the Upkeep loan will be disbursed to the bank account you provided during registration.
If I’m denied the Student Loan, can I appeal?
You can file a complaint from the portal. Alternatively, you can send an email to NELFUND