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Nelfund Student Loan 2024: How to Apply

Are you looking to finance your education through a reliable student loan? The NELFUND student loan offers a great opportunity for students in Nigeria to fund their studies. 

The Nigerian Education Loan Fund (NELFUND) is a government agency now in charge of managing the operational aspects of the Nigerian federal government’s student loan initiative, which was launched last year.

The new student loan initiative aims to make higher education more accessible to students who are financially challenged.

This guide will walk you through the steps on how to apply for the NELFUND student loan online, ensuring a smooth application process.

Step-by-Step Guide on How to Apply for NELFUND Student Loan Online

Applying for a NELFUND student loan can seem challenging, but with the right information, it can be straightforward. Here’s how you can apply for the NELFUND student loan:

Visit the NELFUND Student Loan Application Portal

How to apply for nelfund student loan step 1

The first step is to access the official NELFUND student loan application portal. This portal is specifically designed for students seeking financial assistance through NELFUND.

Register on the Portal

If you are a new user, you need to register on the portal. Provide the necessary details, such as your educational background, school, Jamb registration number, and NIN number.  Below is a step-by-step guide on how to register on the portal

How to register on the student loan portal

Step 1: Click on the apply now button on the home page of the portal

Step 2: Click on the get started button on the next page

How to apply for nelfund student loan step 2

Step 3: Verify your nationality by clicking Yes, i am a Nigerian on the next page

How to apply for nelfund student loan step 3

Step 4: Verify your educational information by providing your institution and matric number

How to apply for nelfund student loan step 4

Step 5: Verify your student status by providing your Jamb registration number and date of birth.

Note: For the date click on the year first, follow by the month, then the day. 

It should show your Jamb profile details after you click Verify. 

How to apply for nelfund student loan step 6

Step 6: Enter your NIN and email address.

Create a strong password and confirm it to finalize your account creation.

With this, you have successfully registered on the portal

How to apply for nelfund student loan step 8

Student Loan Portal Login

After registration, log in to the student loan portal login using your credentials. This will take you to your personalized dashboard, where you can start your application process.

Fill Out the Federal Government Student Loan Application Form

Complete the Federal Government student loan application form. Ensure you provide accurate information, including your educational background, financial status, and any other required details.

Upload Required Documents

Prepare to upload necessary documents such as identification proof, admission letter, and any other documents specified in the application guidelines.

Submit Your Application

After filling out the application form and uploading the required documents, review all the details carefully. Once satisfied, submit your application.

Important Tips for Applying for Student Loan in Nigeria

  • Check Eligibility Criteria: Before applying, ensure you meet all the eligibility requirements specified by the NELFUND.
  • Prepare Necessary Documents: Gather all required documents in advance to avoid any delays in the application process.
  • Follow Up: After submission, regularly check the status of your application through the student loan portal.

Eligibility Requirements for the Nigeria Student loan programme in 2024

The initial limits based on family income (average of ₦500,000) and favorable parental loan history have been lifted.

You can apply as a Nigerian student enrolled in a public higher institution (university, polytechnic, college of education, or vocational school).

How to Repay the Student loan

The Federal Government acknowledges the challenges graduates face in securing employment immediately after NYSC.

Therefore, loan repayment doesn’t begin until two years after your National Youth Service Corps (NYSC) service.

This allows you time to find a job or establish a business. So for example, once you get a job and you signify so, the repayment period starts, and a manageable 10% of your salary or income will be automatically deducted through the payroll system, similar to tax or pension deductions, till you pay off the debt.

Hardship consideration and Loan Forgiveness

The scheme makes an exception for the possibility of unforeseen circumstances. If you’re unable to secure employment or launch a business after two years, you can appeal for an extension by submitting a sworn affidavit and other forms of evidence (to be determined upon such appeal) as proof. The fund will then review your situation and determine if an extension is warranted.

The programme also offers “loan forgiveness” in cases of permanent disability or death, ensuring your family isn’t burdened by the debt.

Important Notes on the Nigeria Student loan

  • Providing false information or trying to manipulate the NELFUND system is a serious offense and can result in a three-year jail term, a fine, or both.
  • NELFUND operates with complete transparency – the application process is entirely online, free of charge, and you won’t need to meet with anyone in person.

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