How To Apply For The Nigeria Student Loan – Student Loan Portal. The application will commence on May 24, 2024. Read the full details to the end below…
The President of the Federal Republic of Nigeria, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, has initially signed the Student Loan Bill into law.
The signing of the bill was in “fulfilment of one of his campaign promises to liberalise funding of education.
The bill would enable indigent students to access loans at interest-free rates.
This new student loan programme is designed to make higher education more accessible for everyone.
This long-awaited student loan programme will take off on Friday, May 24, 2024, with 1.2 million students in federal tertiary institutions across the country which will be eligible for the first phase. This was said by the Managing Director/Chief Executive Officer of the Nigeria Education Loan Fund, Akintunde Sawyerr.
Details About The Student Loan
- The first phase of the scheme covers students in federal universities, polytechnics, colleges of education, and technical colleges.
- It is to ensure that no one, no matter how poor their background is, is excluded from quality education and opportunity to build their future
- There is no family income threshold, which means students can apply for loans and accept responsibility for repayment, according to the Fund’s guidelines.
- About 1.2m students maximum at the federal level (will benefit), but there might be an opportunity to increase the capacity in terms of more institutions, and when they begin to bring in state-owned institutions, then the numbers can go up.
- The fees for the institution are going to be paid not to the students but directly to the institution. And that will be paid at the maximum of that fee per session.
- The loans are interest-free, which means NO INTEREST will be paid, you will pay the exact amount back
- Students will receive monthly stipends for upkeep (if you select that during registration)
How To Apply For The Nigeria Student Loan – Student Loan Portal – http://nelf.gov.ng
CREATING AN ACCOUNT
Step 1: visit nelf.gov.ng
Step 2: Click on the “Apply Now”
Step 3: Click on “Get Started”
Step 4: Answer the questions on this page to continue by clicking on “Yes, I am a Nigerian”
Step 5: Verify your educational information. You would be required to select your school from a dropdown and provide your matric number to check if your school has uploaded your details.
Step 6: Click the “Verify with JAMB” and enter your JAMB details on the screen. (Students whose NIN has not been registered with JAMB will have an input field where they can enter their NIN for validation.)
Step 7: Create an account by entering your Email address, Password and Confirm Password in the fields provided and click “Create Account”.
Step 8: Click the email verification link sent to your email. This concludes the process of creating an account.
HOW TO COMPLETE YOUR PROFILE FOR THE STUDENT LOAN ON THE STUDENT LOAN PORTAL
After successful registration, log in by clicking the “LOGIN” button.
Step 1: Enter your email address and password to Login.
Step 2: Click on the “Proceed to Contact Details” button.
Step 3: Update contact details with the current information of your Phone Number, Full Residential Address, State of Residence and Local Government Area of Residence and click “Proceed to Educational Details”.
Step 4: Update your educational details by selecting your Higher Institution and inputting your Matric Number, then click “Proceed to Account Details”.
Step 5: Verify your BVN by entering your BVN, select your Bank Name and enter your Account Number. Click “Save Changes” to complete your profile.
LOAN APPLICATION ON THE STUDENT LOAN PORTAL
Step 1: Click on the “Request for Student Loan” button at the top right of the screen on the home or loans page after logging into the application.
Step 2: If you want an upkeep loan, click the check box, and click Continue, if all you need is the institutional charge, click the “Continue” button.
Step 3: Upload supporting documents. The admission letter is compulsory which the Student ID and Institution Invoice are optional. Click the checkbox for the policy and declaration and click “Continue”.
Step 4: Read the loan overview and click the checkboxes for both the Terms & Conditions and GSI Mandate then click “Submit Application”.
Step 5: Click on the “Loans” button to view the status of your application.
Tips for a Successful Application of The Student Loan
- Submit your application as soon as the portal opens to ensure timely processing.
- Ensure all details provided are correct and match your official documents.
- Regularly check the NELFUND website and your email for updates or additional instructions.
Naijaedugist.com will also provide further updates, so regularly check
READ MORE – How The Student Loan Works – Questions and Answers About It
