Learn more about the Nigerian Education Loan Fund (NELFUND) online application procedures, eligibility, requirements, supporting documents, and how to access the NELFUND Student loan portal. Check out what is the disbursement timeline.
Table of Contents
Nigerian Education Loan Fund (NELFUND) for Students
The Nigerian Education Loan Fund (NELFUND) is the official government body that handles student loans in Nigeria.
The Students Loans (Access to Higher Education) Act, 2024 is an Act of Parliament that makes it possible for Nigerian students to access zero-interest loans to enable them to pay for institutional charges and upkeep to any higher institution of their choice within Nigeria.
The Student’s Loan Act has repealed the Nigerian Education Bank Act and established a framework for providing zero-interest loans to eligible Nigerian students who desire to study at any institution of higher education.
The loans will be administered by the Nigerian Education Loan Fund (NELFUND), which is the body established by law to carry out the day-to-day activities of the Fund. It is headed by a Managing Director, appointed by the President of Nigeria.
The Loan is open to all public tertiary Institutions in Nigeria. 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.
NELFUND Applications are done online. Applicants are required to input specific personal details that include:
- Name of Institution of study
- Admission Number
- JAMB Number
- Date of Birth
- NIN
- BVN
NB: NELFUND will disburse within 30 days of approval of successful applications.
Who is Eligible to Apply for NELFUND LOANS?
- Students who have secured admission into all Public Nigerian 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.
- Direct Entry Student (with JAMB Number) into higher institutions apply for the NELFUND Student loan
- All full-time students are eligible for the loan but only applicants will benefit from the loan.
Document Required for NELFUND Student Loan
An applicant is required to provide the following documents as attachments to the online application form:
- Scanned admission letter for new students (compulsory),
- Scanned Student Identification Card (optional).
Any other document as may be determined by NELFUND’s Board from time to time.
How Much is NELFUND Student Loan?
That 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 will be remitted directly to the applicants’ institutions and the upkeep will be paid to the applicant on a monthly installment basis.
How to Access NELFUND Student Loan Portal
- To apply for a student loan, an applicant is required to complete the online application form through the NELFUND Student Loan Portal.
- An applicant must complete the designated application form on the online portal by providing accurate personal information, academic records, and any other necessary documentation required for the loan application.
- An applicant shall be required to complete an online indemnity agreement to verify the data submitted.
- The NELFUND Board may determine alternate channels for submitting loan applications as circumstances and exigencies may warrant.
NELFUND – Frequently Asked Questions
Here’s all you must know about NELFUND student loans.
- Will the applicant be required to make any payment before the loan is disbursed?
No payment is required before the disbursement of the loan.
- Is there an interest payable on the loan?
Zero interest on the loan.
- Is the loan open to every student?
The loan is open to new and existing full-time students in tertiary institutions.
- Is there an age limit for applicants?
No
- Who is responsible for the loan repayment?
The beneficiary of the loan is responsible for the repayment of the loan.
- Is the loan applied for only once?
The loan will be applied for every academic session by the student.
- How do applicants know their application is approved?
Applicants will receive a notification and the status of the loan application can be seen in the applicant’s profile on the portal.
- When is the loan due for repayment?
The loan is due for repayment 2 years after the completion of the NYSC
- What happens if a beneficiary does not have a job after two years post-NYSC?
The beneficiary should notify NELFUND by sworn court affidavit every 3 (three) months after two years post NYSC if still unable to gain employment.
