How to Apply for NELFUND Student Loan Online – Step-by-Step Guide
Discover everything you need to know about the NELFUND student loan: eligibility, application process, and repayment terms.
What is the NELFUND Student Loan?
The Nigerian Education Loan Fund (NELFUND) is a government initiative aimed at providing interest-free loans to students in public universities, polytechnics, colleges of education, and vocational institutions across Nigeria.
Key Features of NELFUND
- Covers tuition, fees, and living expenses.
- Funded by 1% of tax revenue from the Federal Internal Revenue Service (FIRS).
- Loan repayment starts two years after NYSC completion.
- Includes a debt forgiveness clause for permanent disability or death.
Eligibility Criteria for NELFUND Student Loan
To qualify for the NELFUND loan, you must meet the following criteria:
- Be a Nigerian citizen.
- Be enrolled in a public tertiary institution (university, polytechnic, college of education, or vocational school).
- Ensure your institution has uploaded your details to the NELFUND portal.
Documents Required for Application
Ensure you have the following documents before starting your application:
- JAMB admission letter.
- National Identification Number (NIN).
- Bank Verification Number (BVN).
- Student matriculation or registration number.
How to Apply for NELFUND Student Loan Online
Step 1: Verify Your Eligibility & Gather Documents
Confirm that you meet the eligibility criteria and that your institution has uploaded your details to the NELFUND portal.
Step 2: Visit the NELFUND Portal
Go to the official NELFUND website, create an account, or log in.
Step 3: Complete the Application Form
Fill in your personal details, academic information, and financial need statement.
Step 4: Upload Required Documents
Upload clear copies of all necessary documents as per the portal's requirements.
Step 5: Review & Submit Your Application
Double-check all information before submitting your application. You will receive a confirmation email.
Step 6: Await Processing & Approval
NELFUND will review your application and disburse the loan directly to your institution if approved.
Loan Repayment Terms
- Repayment starts two years after NYSC.
- 10% of your salary will be deducted monthly.
- Debt forgiveness applies in cases of permanent disability or death.
Frequently Asked Questions (FAQs)
Can I apply for NELFUND if I’m schooling abroad?
No, this loan is only available to students studying in Nigerian public tertiary institutions.
Will the loan be paid into my personal account?
No, the tuition fee is paid directly to your institution. However, a monthly allowance of ₦20,000 will be deposited into your account.
When will I start repaying the student loan?
Repayment begins two years after NYSC with a 10% salary deduction.
Final Thoughts
The NELFUND student loan is a game-changer in Nigeria’s education sector, allowing students to pursue higher education without financial stress.
If you meet the eligibility criteria, take advantage of this opportunity and apply today!