Student Loan Application Portal Goes Live

The Frequently Asked Questions below is our attempt to answer common questions that the applicants may have regarding the student loan in a concise and simple to understand way.

 

Q. What is the Student Loan (Access to Higher Education) Act, 2024?

A. The Student Loan Act is an Act of the Parliament that makes it possible for Nigerian students to access zero interest loans to enable them pay for institutional charges and upkeep to any higher institution of their choice within Nigeria.

 

Q. Is the Student Loan the same as the Nigerian Education Bank?

A. No. The Student Loan Act has repealed the Nigerian Education Bank Act and established a framework for providing zero interest loans to eligible Nigerian students who desire to study at any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.

 

Q. Who administers the student loan?

A. The student loan 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, President Bola Ahmed Tinubu.

 

Q. Is the student loan open to all tertiary institutions?

A. The student loan is open to all public tertiary Institutions. The first phase of the student loan is open to only students studying or desiring to study in federal higher institutions in Nigeria. The other phases will be announced in due course.

 

Q. Who is eligible to apply for student loan under this Act?

A. 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 student loan.

 

Q. Can a Direct Entry Student into higher institutions apply for the student loan?

A. Yes, but such student must have a JAMB number.

 

Q. Will the student loan be available for all students or only applicants?

A. All full-time students are eligible for the student loan but only applicants will benefit from the student loan.

 

Q.. How much student loan are students allowed to apply for?  

A. That would be determined by the institutional charge of each Institution. The student 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 instalment basis.

 

Q. Will the applicant be required to make any payment before the student loan is disbursed?

A. No payment is required before the disbursements of the student loan.

 

Q. Is there an interest payable on the student loan?

A. Zero interest on the student loan.

 

Q. Is the student loan open to every student?

A. The student loan is open to new and existing full-time students in tertiary institutions.

 

Q. How are the student loan applications processed, and what is the disbursement timeline?

A. Applications are done online. Applicants are required to input specific personal details that include:

 

i. Name of Institution of study

ii. Admission Number

iii. JAMB Number

iv. Date of Birth

v. NIN

vi. BVN

 

Nigerian Education Loan Fund (NELFUND) will disburse within 30 days of approval of successful applications.

 

Q. Is there age limit for applicants of the student loan?

A. There is no age limit for applicants of the student loan.

 

Q. Who is responsible for the student loan repayment?

A. The beneficiary of the student loan is responsible for the repayment of the student loan.

 

Q. Is the student loan applied for only once?

A. The student loan will be applied for every academic session by the student.

 

Q. How do applicants for the student loan know their application is approved?

A. Applicants for the student loan will receive a notification and the status of the student loan application can be seen in the applicant’s profile on the student loan portal.

 

Q. When is the student loan due for repayment?

A. The student loan is due for repayment 2 years after the completion of NYSC.

 

Q. What happens if a beneficiary does not have job after two years post-NYSC?

A. The beneficiary of the student loan should notify Nigerian Education Loan Fund (NELFUND) by sworn court affidavit every 3 (three) months after two years post NYSC if still unable to gain employment.

Q. How can one apply for the student loan?

A. Applicants are to visit http://nelf.gov.ng to apply for the student loan.