How to Apply for Student Loan in Nigeria
Are you a Nigerian student looking for financial aid for your education? The Federal Government of Nigeria has made student loans available through the Nigerian Education Loan Fund, also known as NELfund. This much-needed initiative gives students access to interest-free loans to help fund their studies.
In this article, we will walk you through the step-by-step process of applying for the NELfund Nigeria student loan. We will provide you with the eligibility requirements and the necessary documentation for your application.
Sit back, relax, and follow this complete guide!
What is the Student Loan in Nigeria (NELFUND)?
The Federal Government Student Loan is a financial support program designed to help Nigerian students afford post-secondary education.
The initiative offers loans to qualifying Nigerians for tuition, fees, levies, and living expenses while enrolled in accredited higher academic institutions, as well as vocational and skills acquisition institutes in Nigeria.
Who can apply for a NELfund student loan?
Before we go into how to apply for the NELFUND student loan, let’s see if you fulfil the NELFUND eligibility requirements listed below:
You must be a Nigerian citizen to be eligible for this student loan.
Students admitted to any public Nigerian university, polytechnic, college of education, or vocational institution with proof of admission that includes their name, date of birth, admission, JAMB number, matriculation number, and BVN are eligible to apply. Both new and current students are eligible to apply for the loan.
NELfund is available to all public tertiary institutions, with the first phase confined to students at Nigerian federal institutions. Future phases will be announced later.
You must also ensure that your data has been posted by your institution to the NELfund portal; otherwise, you will be unable to apply.
How to Apply for Student Loan in Nigeria
Before beginning the application for the NELfund loan, ensure that you have the necessary information ready:
- Name of Institution of study
- Admission Number
- JAMB Number
- Date of Birth
- NIN
- BVN
Now that we’ve addressed that, let’s get started!
Step 1: Account setup
Visit the official NELfund website and click the “Apply Now” button. Follow the “Get Started” button to begin the account creation process.
When asked if you are Nigerian, select “Yes”. The “No” answer will halt the entire sign-up procedure; the loan is only available to Nigerians.
Verify your educational details by selecting your institution and entering your matriculation number.
If your institution has contributed your information to nelfund, you will see a continue option. If not, you cannot advance until your institution has uploaded your information.
You will then use JAMB to verify your student status. Enter your JAMB registration number and date of birth that corresponds to your institution’s records, then click “Verify JAMB Profile”.
To confirm, you should see the message “JAMB details verified successfully” followed by your JAMB data. You may now proceed to create an account.
Input your NIN, valid email address, and password into the appropriate fields provided. Click on “Create Account”
After making your account, you will be requested to verify your email address using the link supplied to the specified email address.
Congratulations! You have now opened an account with NELfund.
Proceed to the login page and enter your email address and password.
Step 2: Profile creation
Now that you’re in your account, let’s fill out your personal information.
For mobile users, the “Profile” menu is located in the upper right corner of your screen, while desktop users can find it on the left side of their screen. Click “Profile”.
Navigate to the “Personal Details”, “Constant Details”, “Educational Details”, and “Account Details” sections, respectively.
- Fill in your information in the corresponding spaces.
- After completing your profile, you should receive a “100” profile completion score.
- Congratulations on completing your profile; you can now apply for the loan.
Step 3: Fill out the NELfund loan application.
To begin your NELfund loan application, navigate to the “Loans” menu, just as you did in the previous step to the “Profile” menu.
You will next be led through a three-step process to apply for the loan.
The first stage will allow you to choose if you want a $20,000 upkeep loan paid monthly in addition to your tuition loan.
The second step will include slots for you to upload your university admittance letter as well as your student ID card (optional). To proceed, please check the acknowledgement box. Remember that submitting the documents is required before proceeding.
The third step is simply a confirmation to apply for the loan.
That’s all, folks; you’ve successfully applied for the NELfund loan.
Conclusion
If you followed the instructions above carefully, you should have been able to apply for NELfund student loans with ease. Taking a loan isn’t the most important thing; the most important thing is paying it back as when due.
