Nelfund, or the Nigerian Education Loan Fund is a new financial institution established to provide educational loans to Nigerian students.
It was created under the revised Student Loan Act signed into law by PRESIDENT BOLA TINUBU in April 2024.
If you are a student and have been looking for the opportunity to access this loan, the Nelfund application portal has been thrown open since 24th of May 2024 as announced by its Media and Public Relations Lead, NASIR AYITOGO.
“The statement read: “The management of Nigerian Education Loan Fund led by its Managing Director, Mr AKINTUNDE SAWYERR is thrilled to announce the 24th of May, 2024 as the official date for the opening of the portal for student loan applications.
“This marks a significant milestone in the commitment of PRESIDENT BOLA AHMED TINUBU (GCFR) to fostering accessible and inclusive education for all Nigerian students.
This initiative aims to make higher education and vocational training more accessible to Nigerian students by offering financial support for tuition, fees, and upkeep during their studies.
The management of the academic loan board seeks to address several issues from previous legislation, such as broadening eligibility criteria and simplifying the application process.
The family income threshold has been removed, making all qualified Nigerian students eligible for loans.
Additionally, the requirement for guarantors has been abolished, streamlining the process for applicants.
As hinted above, the loan application portal opened on May 24, 2024, allowing students to apply online. This portal is designed to be user-friendly, making it easier for students to submit their applications and track their loan status.
The academic loan establishment represents a significant development in Nigeria’s education sector, addressing the critical issue of financing higher education and vocational training for students.
Here are Some Key Features and Benefits of the Fund
Universal Eligibility: The revised Student Loan Act has removed the family income threshold, ensuring that all qualified Nigerian students can access loans.
This change aims to promote equal access to education regardless of socioeconomic background.
Streamlined Application Process: The loan application process has been simplified by eliminating the requirement for guarantors.
Students can apply for loans based solely on their application and identity verification processes, which reduces barriers related to a parent’s or guardian’s financial history.
Flexible Repayment Options: The Act provides a two-year grace period after the completion of the National Youth Service Programme (NYSC) before loan repayment begins.
This allows graduates time to secure employment and achieve financial stability before starting repayment
Hardship Provisions: There are provisions for loan deferment in cases of unemployment and a loan forgiveness program for specific situations such as death or unforeseen circumstances.
This ensures that students are not unduly burdened by debt in adverse situations.
Application Portal: The official portal for loan applications was launched on May 24, 2024.
This portal is designed to be user-friendly, allowing students to conveniently submit their applications online. Students are encouraged to use this platform to apply for loans and invest in their future education.
Governance and Management: Nelfund is governed by a board of directors comprising representatives from relevant ministries and regulatory bodies, including the Federal Ministries of Finance and Education.
The day-to-day operations are managed by a team led by the Managing Director, AKINTUNDE SAWYERR.
For students looking to apply, it is crucial to visit the official website of the academic loan board to start the application process and access further details about eligibility criteria and loan terms.
Additionally, students can contact them through their provided email and social media handles for any assistance or inquiries.
Below are Step-by-Step Ways to Apply for a Student Loan as Stated by Nelfund
- 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 and password. You will need to confirm the 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 Verification
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.
Then 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.
How To Apply for Nelfund Load
- 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 but 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.
For more information or to apply for a loan, students can visit the Nelfund website at nelf.gov.ng