Student Loan To Commence With Federal Institutions – FG says

THE Nigerian Education Loan Fund, says only students of federal tertiary institutions will be eligible to access loans from the first phase loan application.

The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund Mr MR Akintunde Sawyerr, stated this in Abuja ahead of the formal opening of the loan’s application portal on Friday.

Mr Sawyerr, noted that only students whose institutions have uploaded their data on its dashboard will be eligible to apply for the loan.

He explained that the fund was designed to provide financial assistance including obligatory fees and stipend to needy students, enabling them to pursue their educational goals without the burden of immediate financial constraints.

He said the first phase of the Students Loan Program covers students in Federal Institutions such as universities, polytechnics, colleges of education, and technical colleges, whose institutions have completed and uploaded their students’ data.

‘’Prospective applicants can begin their application process effective from the 24th of May, 2024, immediately’’

He affirmed that the loan application process has been streamlined to ensure easy access for all eligible students.

Mr Sawyerr said some of the Key Features of the Student Loan Program include no physical contact between the loan applicant and NELFUND, user-Friendly Loan Application portal and the site simplifies applying for a student loan with an intuitive design that allows applicants to navigate the process quickly.

Speaking on how to apply Mr Sawyerr said an ‘’applicant can Log into the portal: The loan application portal is available on the NELFUND website (www.nelf.gov.ng). Log on to the Students Loan portal on the website, Create an Account: On the Loan portal, create an account or log in using your existing credentials if you have created an account before, Documents Required: Applicants will require the following documents to complete their loan application, – Joint Admissions and Matriculation Board (JAMB) admission letter, National Identification Number (NIN), Bank Verification Number (BVN). Complete the Application: Fill out the required information, including personal details, academic information, and financial need’’.

Mr Sawyerr noted that the loan application does not require third party as guarantor, next of kin or collateral as the only documents required were Joint Admissions and Matriculation Board (JAMB) admission letter, National Identification Number (NIN), and Bank Verification Number (BVN).