Federal Students First in Line for Nigerian Education Loan Launch: Apply Now on NELFUND Portal
Federal university, polytechnic, and college of education students in Nigeria rejoice! The Nigerian Education Loan Fund (NELFUND) is finally here to ease your financial burden. But there’s a catch – you can only apply if your institution has uploaded your data onto the NELFUND dashboard.
At a recent press conference, NELFUND Managing Director, Mr Akintunde Sawyerr, announced the exciting news. Applications will open on May 24th, prioritising federal institutions that have completed the student data upload process. This ensures a smooth application process and guarantees the loan reaches the intended beneficiaries.
“Uploading student data onto the NELFUND dashboard is mandatory for eligibility,” stressed Mr. Sawyerr. NELFUND has partnered with these institutions for a seamless upload process, and rest assured, the loan amount will be directly deposited into your institution’s account on your behalf.
While the rollout begins with federal institutions, good news awaits students in state universities as well. The programme will eventually expand to encompass them.
So, federal students, is this music to your ears? Here’s what you need to know about repayment: Repayments begin two years after completing your National Youth Service Corps (NYSC), but only if you’re employed. The good news is, the repayment plan is flexible, as Mr. Sawyerr clarified, “beneficiaries are expected to repay regardless of where they secure employment after NYSC.”
NELFUND understands that unforeseen circumstances can arise. In cases of death, mental illness, or physical illness, the organisation is exploring an insurance model to manage bad loans. Additionally, the NELFUND Establishment Act allows for debt forgiveness in specific situations.
But before you celebrate, NELFUND is taking precautions to ensure responsible loan applications. “We want to make sure applicants are genuine Nigerian citizens with a good track record,” explained Mr. Sawyerr. They’ll collaborate with security agencies to verify identities and prevent fraud.
Here’s how to apply: Visit the NELFUND portal at www.nelf.gov.ng and create an account. You’ll need your JAMB admission letter, National Identification Number (NIN), and Bank Verification Number (BVN) for verification, along with other details like personal information, academic records, and a breakdown of your financial needs.
Don’t miss this golden opportunity, federal students! Apply on May 24th and take that first step towards achieving your academic dreams.
