How to Apply and Secure Student Loans as Scheme Takes Off

• The Nigerian Education Loan Fund (NELFUND) will offer its pilot student loan scheme exclusively to students at federal tertiary institutions, with applications opening on May 24
• The student loan approved by President Tinubu would be exclusively available to students in public tertiary institutions
• To apply for the loan, students must provide JAMB admission letter, NIN, and BVN through a user-friendly online portal that requires no physical interaction

FCT, Abuja - Nigerian Education Loan Fund (NELFUND) announced that the pilot phase of the student loan scheme will be available exclusively to students at federal tertiary institutions.

President Tinubu introduced the initial student loan policy in June 2023 to provide interest-free loans to students.

Although the scheme was set to start in October 2023, its implementation was delayed until it was re-enacted in April 2024.

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As reported by The Cable on Monday, May 21, NELFUND has scheduled the loan application and issuance portal for public tertiary institution students to open on May 24.

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

Student loan: How to apply:

• Log into the portal: Access the loan application portal on the NELFUND website (www.nelf.gov.ng). Navigate to the student loan portal.
• Create an Account: Register a new account or log in with your existing credentials if you have an account.
• Documents Required: Ensure you have your Joint Admissions and Matriculation Board (JAMB) admission letter, National Identification Number (NIN), and Bank Verification Number (BVN) ready.
• Complete the Application: Provide the necessary information, including personal details, academic information, and financial need.
• Submit Your Application: Carefully review your application before submitting. Once submitted, you will receive a confirmation email with further instructions.

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Loan scheme to assist needy Nigerian students

Meanwhile, the managing director of NELFUND, Akintunde Sawyerr, while hosting a pre-application sensitization conference on Monday, May 20, in Abuja, explained that the loan scheme aims to provide financial support for mandatory fees and stipends to students in need.

Sawyerr stated that the pilot phase of the scheme is targeted at students in federal institutions, including universities, polytechnics, colleges of education, and technical schools, whose institutions have completed and uploaded their student data.

He stressed that the loan application process has been simplified to ensure easy access for all eligible students in federal tertiary institutions.

He said:

The portal also includes an online support system to assist students with any questions or concerns during the process of application.

The student loan scheme, as emphasised by Sawyerr, maintains its interest-free status, offering flexible repayment terms that commence two years after completing the National Youth Service Corps (NYSC) program, contingent on the individual securing employment.

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ASUU advises FG to Convert N50 Billion Student Loan into Grant

However, the Academic Staff Union of Universities (ASUU) advised President Tinubu to convert the N50 billion student loan scheme into grants.

The ASUU president, Emmanuel Osodeke who proposed this on Friday, December 15, expressed fear that the federal government may be unable to recover the funds.

According to Osodeke, grants have had more impact and are a humane investment in the education of Nigerian students.

Source: Legit.ng