The long awaited Nigerian student loan program is finally here, set to begin on Friday, 24 May, 2024.
Students in federal government-owned tertiary institutions will be the first batch of beneficiaries of the student loan scheme.
The chief executive officer of Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, stated this on Monday, May 20, while unfolding the conditions would-be beneficiaries will be required to meet.
President Tinubu on April 3 signed into law the bill on the scheme in line with his electoral promise that no Nigerian student would drop out of school on account of lack of funds.
Here is how to apply for a student loan in Nigeria
- The first step in applying for a student loan through NELFUND is to log into the loan application portal on the NELFUND website (www.nelf.gov.ng).
- Once on the website, navigate to the student loan portal and create an account or log in if you already have an existing account. Creating an account is essential as it allows you to save your progress and access your application at any time.
- Once you have logged into the portal, you will be required to provide certain documents to complete your application. These documents typically include:
- These documents are necessary to verify your identity, academic status, and financial need, which are crucial factors in determining your eligibility for a student loan.
- After gathering all the necessary documents, you can proceed to fill out the loan application form. The form will require you to provide personal details such as your name, contact information, and date of birth, as well as academic information like your course of study, institution, and level of study. Additionally, you will need to provide details about your financial need, including information about your income, expenses, and any other sources of funding you may have.
- After completing the application form, it is essential to review it thoroughly before submitting it. Check for any errors or missing information and make sure all the required documents are attached. Once you are satisfied with your application, you can submit it through the portal.
- After submitting your application, you will receive a confirmation email from NELFUND with further instructions. This email may contain details about the next steps in the application process, such as providing additional documentation or attending an interview. It is crucial to follow these instructions promptly to ensure that your application is processed efficiently.
- Applying for a student loan through NELFUND can be a straightforward process if you follow the steps outlined above. By logging into the loan application portal, creating an account, providing the necessary documents, completing the application form, and submitting it, you can increase your chances of securing the financial assistance you need to pursue your education.
Remember to review your application carefully and follow any instructions given to you by NELFUND to ensure a smooth application process.
