The Nigeria Student Loan Programme for 2024, managed by the Nigerian Education Loan Fund (NELFUND), promises to revolutionize access to higher education. Whether you’re eyeing university, polytechnic, college of education, or vocational school, this comprehensive breakdown unveils everything you need to know about this groundbreaking initiative and how to secure your spot.
Application Date Opens May 24th, 2024
Eligibility: Public Tertiary Students
Repayment Start 2 Years Post-NYSC
Repayment Rate 10% of Salary/Income
Loan Forgiveness Available for Hardship/Disability/Death
No Fees Application is Free
Security: Complete Transparency
Penalty : Severe for False Information
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Eligibility Criteria for the Nigeria Student Loan Programme in 2024
Gone are the previous barriers tied to family income and parental loan history. Now, as long as you’re a Nigerian student enrolled in a public tertiary institution, you’re eligible to apply for the Nigeria Student loan programme in 2024.
Repayment Structure of the Student Loan
Acknowledging the post-NYSC job market challenges, the Federal Government introduces a lenient repayment plan. Repayment commences two years after completing your National Youth Service Corps (NYSC) service. This grace period allows you to find employment or establish a business. Once employed, repayment starts with a manageable 10% deduction from your salary or income, akin to tax or pension contributions, until the debt is cleared.
Hardship Consideration and Loan Forgiveness
Life is unpredictable, and the programme accommodates unforeseen circumstances. Should you struggle to secure employment or start a business after the grace period, you can appeal for an extension by providing a sworn affidavit and other supporting evidence. The fund will assess your situation and decide on the necessity of an extension. Additionally, “Loan Forgiveness” provisions exist for cases of permanent disability or death, ensuring your loved ones aren’t saddled with your debt.
Key Notes on the Nigeria Student Loan
Transparency : Attempting to deceive or manipulate the NELFUND system carries severe penalties, including imprisonment and fines.
Online Application: The application process is entirely online, devoid of charges, and requires no physical meetings.
How to Apply for the Nigeria Student Loan Programme in 2024
The application portal, accessible at NELFUND student loan application portal, goes live on May 24th, 2024. To initiate your application, ensure you have the following details at hand
JAMB registration number
National Identity Number (NIN)
Bank Verification Number (BVN)
Student matriculation or registration number
Step-by-Step Application Guide
Step 1: Register on the Student Loan Application Platform by clicking https://nelf.gov.ng/
Step 2: Navigate to the “Request for Student Loan” section, follow the prompts, and submit your application.
Step 3: Your application undergoes review. Upon successful verification, institutional charges are settled directly with your institution, while the upkeep loan is disbursed to the bank account specified in your profile.
This is your opportunity to reduce your educational financial burdens with the Nigeria Student Loan Programme 2024!
