Student Loan Policy and Application Guidelines
President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students. The scheme was to commence in October 2023 but implementation was repeatedly deferred until a re-enactment in April 2024. NELFUND recently scheduled the opening of the loan application and issuance portal for May 24.
Student Loan Policy:
– Enacted by President Bola Tinubu in June 2023
– Interest-free loans for students
– Commencement deferred until April 2024
– Implemented by NELFUND
Eligibility:
– Students in federal institutions (universities, polytechnics, colleges of education, technical schools)
– Institutions must have completed and uploaded student data
– Needy students
Application Process:
1. Log in to the portal: (not yet release officially)
2. Create an account: Use existing credentials or create a new account
3. Documents required:
– JAMB admission letter
– National Identification Number (NIN)
– Bank Verification Number (BVN)
4. Complete the application:
– Personal details
– Academic information
– Financial need
5. Submit the application: Review thoroughly before submission
6. Confirmation email: Receive further instructions
Key Features of the Application Portal:
– User-friendly
– Simplifies the application process
– Online support mechanism for questions or concerns
– No physical contact required
Loan Scheme:
– Interest-free
– Flexible repayment options
– Repayment commences two years after NYSC completion, provided individual has secured employment
