Federal Institutions to Begin Student Loan Program – NELFUND

The Nigerian Education Loan Fund (NELFUND) has announced that only students from federal tertiary institutions will be eligible for loans in the initial phase of the program.

Mr. Akintunde Sawyerr, Managing Director and CEO of NELFUND, made this statement in Abuja ahead of the formal opening of the loan application portal on Friday.

Sawyerr emphasized that eligibility is restricted to students whose institutions have uploaded their data to the NELFUND dashboard.

He explained that the fund aims to provide financial assistance, including obligatory fees and stipends, to needy students, allowing them to pursue their education without immediate financial strain.

The first phase of the Students Loan Program includes students from federal universities, polytechnics, colleges of education, and technical colleges that have completed and uploaded their students’ data.

“Prospective applicants can begin the application process from May 24, 2024,” he announced.

Sawyerr affirmed that the application process has been streamlined to ensure easy access for all eligible students.

Key features of the Student Loan Program include no physical contact between the applicant and NELFUND, a user-friendly loan application portal, and an intuitive design that simplifies the application process.

To apply, students need to log into the portal available on the NELFUND website (www.nelf.gov.ng). Applicants must create an account or log in using existing credentials, and provide the necessary documents such as the Joint Admissions and Matriculation Board (JAMB) admission letter, National Identification Number (NIN), and Bank Verification Number (BVN). They will then complete the application by filling out personal details, academic information, and financial need.

Sawyerr noted that the application does not require a third-party guarantor, next of kin, or collateral. The only documents needed are the JAMB admission letter, NIN, and BVN.