Step-by-Step Procedures for Student Loan Disbursement
- NELFUND has released seven step-by-step procedures for any Nigerian student to have access to the student loan scheme
- The agency disclosed that the procedures involved multiple parties when it comes to effective management of the student loan
- According to NELFUND, the institution of the concerned students has a major role to play in all of the procedures
The Nigerian Education Loan Fund (NELFUND) has released the procedures for disbursing loans to Nigerian students.
NELFUND tweeted the step-by-step procedures on Saturday, August 25, noting that the higher institutions of the concerned students have a major role in the seven procedures involving the disbursement.
Source: Twitter
According to NELFUND, the coordinated process involving multiple parties ensures effective management of student loans, enabling students to access higher education by fulfilling their respective responsibilities.
Procedures for student loan disbursement
Below is the list of the seven procedures:
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1. Data Submission
The institution provides NELFUND with complete and accurate student data for upload onto the NELFUND SVS, including matriculation numbers, JAMB details, and fees.
2. Inform Student Applications about readiness
NELFUND and institutions inform students about their eligibility to apply for student loans through awareness campaigns and direct communication.
3. Student Loan Application
Students apply for loans through the NELFUND portal, providing basic details such as JAMB number, NIN, BVN, and matriculation number.
4. Application Processing by NELFUND
NELFUND processes student applications, verifying details and approving those that meet the criteria.
5. Approval Notification to Institutions
NELFUND sends a list of approved student loans to institutions for further verification.
6. Institutional Verification
Institutions review and verify the list, confirm student information and loan approvals, and return the signed-off list to NELFUND.
7. Disbursement of Institutional Fees
NELFUND disburses approved institutional fees directly to institutions on behalf of students upon receiving the verified list.
See the tweet here:
Why Southeast students not getting student loan
Legit.ng earlier reported that NELFUND has responded to the claim that students from southeast universities are being sidelined from getting student loans.
In its reaction to the allegation, NELFUND said disbursement is not by region but by the institutions that have verified the list of students who applied.
According to NELFUND, none of the southeast institutions has verified the list of students sent to them for verification and urged them to do that on time.
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Source: Legit.ng
