Link To Apply For Student Loan | 17 Things To Know As You Apply

The management of student loan has opened an application portal for students of Nigerian federal tertiary institutions to apply for loans.

Nysportal reports that NELFUND, the body in charge of the loan processing, unveiled the official application portal for the loan last week and urged Nigerians to begin applying on May 24, 2024.

In this article, you will find the link to apply for student loan, and I will discuss seventeen things that all students must note about student loan as application begins.

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17 Things To Note About Student Loan

Now, here are the seventeen important things that you must know as you apply for the student loan:

1. All students in government tertiary institutions in Nigeria are eligible to apply for and obtain the loan.
2. The loan will be rolled out in batches, beginning with federal higher institutions before getting to state institutions.
3. The student loan initiative is an important part of the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
4. It was designed to give financial support (obligatory fees and stipends) to students, allowing them to continue their educational objectives without facing financial difficulties.
5. The loan is interest-free, and it offers easy repayment options, which begin two years after completing the National Youth Service Corps (NYSC). That is, if the individual gets employed after the youth service.
6. The fund will be disbursed directly to the institutions of learning, and it will be 100 percent of institutional fees.
7. The government will provide stipends to the students monthly, based on when the school is in session.
8. There will be no physical contact between the loan applicant and NELFUND, which is the manager of the loan scheme.
9. 1.2 million students from federal tertiary institutions will obtain the student loan in the first phase.
10. There is no family income threshold, so Nigerian students can apply for these loans and accept responsibility for repayment according to the guidelines.
11. Students are not required to provide a guarantor before they can apply for and obtain the loan.
12. No student will be ineligible because of their parent’s loan history.
13. There is a justice mechanism put in place to make sure the loan board ensures a minimum national spread of loans approved and disbursed in each financial year.
14. A beneficiary can ask for an extension of enforcement action by the Fund by providing a sworn affidavit showing that he or she is not employed and is not receiving any income to be able to repay the loan.
15. A beneficiary who gives a false statement to the fund will be guilty of a felony and is liable to imprisonment for three years.
16. The loan can be forgiven in the event of the death of a beneficiary or a natural disaster causing an inability to repay the loan.
17. Lastly, the loan application portal is user-friendly, and applicants can access online support whenever the need arises.

How To Apply For Student Loan

Interested students can apply for the student on http://nelf.gov.ng