The Nigerian Education Loan Fund (NELFUND) is the body now instituted to manage the day-to-day activities of the federal government of Nigeria’s student loan initiative announced sometime last year. The new student loan program is designed to make higher education more accessible. Here’s a detailed breakdown of the 2024 Nigeria Student Loan program and how you can apply:
Eligibility requirements for the Nigeria Student loan program in 2024
The initial restrictions based on family income of an average of ₦500,000 and positive parental loan history have been eliminated. As long as you are a Nigerian student enrolled in a public tertiary institution (university, polytechnic, college of education, or vocational school), you are eligible to apply.
Repayment of the Student loan
The Federal Government acknowledges the challenges graduates face in securing employment immediately after NYSC. Therefore, loan repayment doesn’t begin until two years after your National Youth Service Corps (NYSC) service. This allows you time to find a job or establish a business. So for example, once you get a job and you signify so, the repayment period starts, and a manageable 10% of your salary or income will be automatically deducted through the payroll system, similar to tax or pension deductions, till you pay off the debt.
Hardship Consideration and Loan Forgiveness
The scheme makes an exception for possibilities of unforeseen circumstances. If you’re unable to secure employment or launch a business after two years, you can appeal for an extension by submitting an affidavit and other forms of evidence (to be determined upon such appeal) as proof. The fund will then review your situation and determine if an extension is warranted.
The program also offers “Loan Forgiveness” in cases of permanent disability or death, ensuring your family isn’t burdened by the debt.
Important Notes on the Nigeria Student loan
- Providing false information or trying to manipulate the NELFUND system is a serious offense and can result in a three-year jail term, a fine, or both.
- NELFUND operates with complete transparency – the application process is entirely online, free of charge, and you won’t need to meet with anyone in person.
How to apply for the Nigeria Student loan programme in 2024
The NELFUND student loan application portal opened May 24th, 2024. To apply, you’ll need your:
JAMB admission letter.
National Identity Number (NIN)
Bank Verification Number (BVN)
Student matriculation or registration number.
