Are you a student of a tertiary institution with limited financial resources to take of your studies? You can take advantage of the Student Loan Fund Facility of the Federal Government and apply through the Student Loan Portal.
The scheme will provide credit facilities to eligible and qualified Nigerians to cater for their tuition fees and upkeep during their studies in recognized institutions of higher learning and vocational training institutions in Nigeria.
This article will provide details on the federal government student loan and also provide a step-wise guide on how Apply for the Student Loan Fund also referred to as the Nigerian Education Loan Fund (NELFUND).
See Also: 7 Best Student Loan Opportunities for International Students and How to Apply
The student loan fund is expected to benefit 1.2million students from the federal government-owned institutions (universities, polytechnics, colleges of education, technical colleges) in the initial phase of the scheme, while students from state-owned higher education institutions will be accommodated in subsequent phases.
Eligibility Criteria for the Student Loan Fund
To be considered for the Nigerian Education Loan Fund (NELFUND), applicants must meet the following requirements:
- Must be a Nigerian citizen with appropriate documents.
- Must be a student of a recognized institution of higher learning.
- Demonstrate excellent academic activities.
- You must also not have defaulted on any previous loans or been found guilty of exam malpractice, felony, or drug offenses.
Steps to Apply for the Student Loan Fund
Interested applicants for the Federal Government Student Loan are to follow the steps listed below to perform the Student Loan Application:
STEP 1: Create an Account
- Log on to the Nigerian Education Loan Fund website and Click on the “Apply Now” button.
- Click on the “Get Started” button and answer the questions displayed on the page.
- Applicants are to verify their educational information. You would be required to select your institution from a dropdown menu and provide your matriculation number to check if your school has uploaded your details.
- Click the “Verify with JAMB” and enter your JAMB details in the field provided.
- Proceed to create an account by entering your e-mail address, password and confirm password in the fields provided. Then click “Create Account”.
- Confirm your e-mail by clicking the email verification link sent to your email.
Step 2: Complete your Profile
After you have successfully registered on the NELFUND portal, log in by clicking the ‘LOGIN’ button on the student loan portal.
- Proceed by entering your e-mail address and password in the fields provided.
- Click on the “Proceed to Contact Details” button.
- Update contact details with your current phone number, residential address, state of residence, and local government area of residence.
- Update your educational details by selecting your higher institution and inputting your matriculation number, then click “Proceed to Account Details”.
- Verify your BVN by entering your BVN, select your Bank Name, and enter your Account Number. Click “Save Changes” to complete your profile.
Step 3: Loan Application
- Applicants are to click on the ‘Request for Student Loan’ button after logging unto the application portal.
- If you are interested in the upkeep loan, click the check box, and click Continue, if all you need is the institutional charge, click the “Continue” button.
- Ensure that you upload supporting documents (Student ID Card and Admission Letter).
- The admission letter is compulsory while the Student ID and Institution Invoice are optional. Click the checkbox for the policy and declaration and click “Continue”.
- Ensure that you read the loan overview and click the checkboxes for both the Terms & Conditions and GSI Mandate then click “Submit Application”.
Interested students can proceed to the NELFUND Application Portal to submit application for their student loan fund.