The Nigerian Education Loan Fund (NELFUND), the official government body for student loans, has announced that the application portal is now open.
“The NELFUND Student Loan Application Portal is now LIVE! Apply today to secure the financial support you need for your education. Visit http://nelf.gov.ng to get started,” NELFUND said in a tweet on Friday.
NELFUND said the loan is open to all public tertiary institutions; however, the first phase of the loan is open to only students studying/desiring to study in federal higher institutions in Nigeria. The other phases will be announced in due course.
On eligibility, the agency said students who have secured admission into all Nigeria’s public universities, polytechnics, colleges of education, or vocational schools, with a proof of admission that includes “Name, Date of Birth, Admission, JAMB number, Matriculation number, and BVN. All new and existing students within the institution above can apply for the loan.”
It added that the amount of loan students are allowed to apply for would be determined by the institutional charge of each institution.
The loan will cover the cost of institutional charges and upkeep if required by the student.
The institutional charges, according to NELFUND, will be remitted directly to the applicants’ institutions and the upkeep will be paid to the applicant on a monthly instalment basis.
NELFUND added that applicants are not required to make any payment before the loan is disbursed, adding that there is zero interest on the loan and it will be applied for every academic session by the student.
There is no age limit for applicants and applicants will receive a notification, and the status of the loan application can be seen in the applicant’s profile on the portal, NELFUND noted
The loan is also due for repayment two years after the completion of NYSC and when the beneficiary does not have a job after two years post-NYSC, NELFUND says the beneficiary should notify NELFUND by sworn court affidavit every three months after two years post NYSC if they are still unable to gain employment.
It also added that 10 percent of the beneficiary’s salary will be deducted at source by the employer, and self-employed beneficiaries will be required to remit 10% of their monthly profit to the fund, adding that they have the liberty to seek to repay beyond the statutory 10% monthly repayment by their employers/by themselves if self-employed.
