NELFUND Student Loan

The Nigerian Education Loan Fund (NELFUND) student loan is more than a financial aid program, the NELFUND student loan scheme was established by the Federal Government of Nigeria, the student loan is a beacon of hope for Nigerian students pursuing higher education. Through the provision of interest-free student loans,

NELFUND is basically restructuring the educational landscape.

The Federal Government of Nigeria through the NELFUND student loan scheme strives to revolutionise higher education accessibility in Nigeria by providing interest-free student loans to eligible students in tertiary institutions of learning, thereby breaking down financial barriers, burdens and limitations and empowering Nigerian students to pursue their academic aspirations.

Aims of The NELFUND Student Loan 

The following are the aims of the NELFUND Student Loan: 

1) To provide accessible interest-free student loans for higher education.

2) To ensure equal access to quality education for all eligible students in tertiary institutions in Nigeria.

3) To foster a knowledge-driven economy through education.

Objectives of The NELFUND Student Loan

The following below are the objectives of the NELFUND Student Loan:

1) Foster financial access to higher education.

2) Partner and collaborate with stakeholders for Impact.

3) Enable equal opportunity for all Nigerian students in tertiary institutions.

4) Promote education for national and economic growth and development.

Simple Steps To Secure NELFUND Student Loan 

The following steps below can be used by students in tertiary institutions in Nigeria to apply for the student loan: 

Step 1: The applicant should register on the NELFUND student loan application portal by pressing the “APPLY NOW” button to get started.

Step 2: The applicant should press the "Request for Student Loan" button and complete the student loan application steps and click the submit button.

Step 3: The student's loan application will be reviewed. After successful verification, the student loan will be paid to the student's university for institutional charge, while the upkeep loan will be paid to the bank account the student have provided on the NELFUND student loan portal.

Frequently Asked Questions Regarding The NELFUND Student Loan

The following below are everything you need to know about the NELFUND student loan and repayment process:

Q.Under what circumstances would NELFUND deny a student loan application?

A. NELFUND can deny a student loan application if such an applicant is: 

i) Proven to have defaulted in respect of any previous loan granted by any license financial institution

ii) Found guilty of submitting fake/fraudulent documents

iii) Dismissed or expelled for exam malpractices by any school authority

iv) Convicted of fraud and forgery, drug offences, cultism, felony, or any offences involving dishonesty

Q. Are there any documents to upload during the student loan application process?

Yes. 

i) Scanned admission letter for new students, this is compulsory 

ii) Scanned Student Identification Card this is not compulsory

Q. Is there any appeal process when an student loan application is denied?

A. A complaint can be raised from the student loan portal, or the applicant can send an email to the NELFUND

Q. What are the consequences of defaulting on the student loan?

A. Deliberate default could result in penalties, legal action, and potential damage to the beneficiary's credit score.

Q. Do students require a guarantor to access the student loan?

A. No. The student loan application process do not require a guarantor.

Q. How do I repay the student loan when I am relocating abroad?

A. Beneficiary of the student loan will contact the NELFUND and sign an agreement with modalities to repay.

Q. What if I have the money to pay back the student loan before I get a job

A. The beneficiary can repay the student loan once he or she has the money to pay back the student loan, even before he or she gets a job. 

Q. How will the student loan repayment process work?

A. The following are ways in which the student loan repayment process works:

i) 10% of the beneficiary’s salary will be deducted at source by the employer. 

ii) Self-employed beneficiaries are required to remit 10% of their monthly profit to NELFUND. The beneficiary is at liberty to seek to repay the student loan beyond the statutory 10% monthly repayment by his or her employers or by his or herself if he or she is self-employed.

Q. What happens if a beneficiary does not have job after 2 years post-NYSC?

A. The beneficiary should notify NELFUND by sworn court affidavit every 3 months after 2 years post NYSC if the beneficiary is still unable to get a job.

Q. When is the student loan due for repayment?

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