Are you a student in Nigerian higher institution looking to ease your financial constraint on your academic journey and wishes to apply for student loan? This article is for you, in this article we will discuss what student loan in Nigeria is, repayment terms and application process.
What is student loan?
The Student loan initiative is a program established by the Federal Government of Nigeria to break financial barriers in higher education. Commonly referred to as NELFUND (Nigerian Education Loan Fund). Established on April 3, 2024 by President Bola Ahmed Tinubu as part of his administration bid to make higher education accessible to all Nigerian with interest free loan.
How to apply for student loan
Applying for NELFUND students loan is a straightforward process, below are few prerequisite for application and application guideline.
- Applicant must be a student admitted into any Nigerian University
- Applicant must be a Nigerian.
- All application are done on the NELFUND official
Signup on the NELFUND application portal and select your institution followed by applicant matriculation number or institution ID.
Upload required documents and submit.
Loan disbursement process
At the core of the Student Loans (Access to Higher Education) Act, 2023, lies a network of dedicated
Stakeholders, each with a significant role in transforming accessibility to higher education in Nigeria
On successful application, all applications are validated by special committee which then deposits loan amount into banks where funds are disbursed into institution account.
Interest and repayment
The student loan initiative has a flexible payment term with an interest free rate, loan repayment begins two years after National Youth Service.
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