How To Apply For Nigerian Students Loan (NELFUND) 2024
The Nigerian Education Loan Fund (NELFUND) is established to disburse loans to students to cater to the need for student education. The current administration of President Bolla Ahmed Tinibu has put up this plan to cushion the effect of high fees and other needs of the students.
This article is specifically designed to look at the basic requirements and criteria for accessing the loan. Most students are confused as to the requirements and the exact date for the commencement of the loan program.
It is very important to let students know the procedure and how to go about the loan. The Nigerian Student Loan (NELFUND) should be an avenue to lift many out of illiteracy because the rate of out-of-school children is becoming very alarming and uncalled for.
The various categories of students for these loan opportunities boil down from the tertiary institution. Both universities, polytechnic, colleges of education, etc.
The managing Director of NELFUND Mr. Akintunde Sawyerr said students are to provide their Unified Tertiary Matriculation number for application and accessing the loan.
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He also disclosed that the fund is targeting about 1.2 million beneficiaries in the first phase of the loan disbursement. The institution to benefit will be the government institution and recognized skill acquisition centers will be the first priority.
According to the managing director, the sources of funds for the student loan will be 1% of revenue generated by the Federal Inland Revenue Service (FIRS).
The modality of the loan is that the school fees of the student will be paid directly into the account of the student’s institution and the remaining stipend will be paid directly into the student’s account.
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Below is the breakdown of the requirements for the student loan
Students must provide their Unified Tertiary Matriculation number
Link your NIN to your Bank account
Make sure you have a valid account number
Ensure you have NIN
Other necessary information as to the requirement for accessing the student loan will be available as soon we have functional information about it.
You are advised to check from time to time to get first-hand information and please do not give any money to anyone all in the name of facilitating it for you because the loan disbursement will be strictly on merit.
