Guide to Apply for NELFUND Student Loan

Nigeria’s educational landscape is evolving, with initiatives like the Nigerian Education Loan Fund (NELFUND) playing a pivotal role in making higher education accessible to a broader spectrum of students. Under the leadership of Managing Director Mr. Akintunde Sawyerr, NELFUND has taken significant strides in supporting Nigerian students through its student loan programme. This blog post delves into the latest disbursements, eligibility criteria, application process, repayment plans, and answers to frequently asked questions, providing a one-stop guide for aspiring students aiming to leverage this opportunity for their academic and professional growth.

Introduction to NELFUND

The Nigerian Education Loan Fund (NELFUND) was established to alleviate the financial barriers that hinder many Nigerian students from pursuing tertiary education. By providing loans and grants to students in federal, state, and licensed vocational institutions, NELFUND ensures that education remains within reach for those who aspire to achieve academic excellence regardless of their financial background.

Leadership and Recent Developments

Under the stewardship of Mr. Akintunde Sawyerr, NELFUND has expanded its reach and streamlined its processes to better serve the Nigerian student population. On May 25th, 2024, NELFUND officially opened its portal for student loan applications, marking a significant milestone in its mission to empower students nationwide.

NELFUND’s 2024 Disbursements to Educational Institutions

NELFUND’s commitment to enhancing educational infrastructure is evident in its recent disbursements to various institutions across Nigeria. These funds are aimed at supporting universities, polytechnics, and colleges of education, ensuring they can offer quality education and necessary resources to their students.

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Comprehensive List of Beneficiary Institutions

Below is a detailed list of institutions that have received disbursements from NELFUND, categorized across three pages for clarity:

Federal Polytechnic Nekede, Imo State – ₦368,400.00
Federal University of Health Science, Ila Orangun, Osun State – ₦7,448,000.00
Federal University Wukari, Taraba State – ₦97,398,000.00
Olabisi Onabanjo University, Ogun State – ₦7,265,000.00
University of Ibadan, Oyo State – ₦9,797,450.00
Osun State University, Osun State – ₦218,954,500.00
Usmanu Danfodiyo University, Sokoto State – ₦226,931,440.00
Zamfara State University, Zamfara State – ₦2,340,800.00
Delta State University, Abraka, Delta State – ₦45,973,600.00
Abraham Adesanya Polytechnic, Ogun State – ₦7,846,500.00
Ebonyi State University, Ebonyi State – ₦78,313,000.00
Emmanuel Alayande University of Education, Oyo State – ₦4,050,500.00
Federal Polytechnic Bali, Taraba State – ₦2,589,000.00
Federal University of Agriculture, Abeokuta, Ogun State – ₦133,995,450.00
Federal University of Health Science, Azare, Bauchi State – ₦14,170,000.00
Federal University Gusau, Zamfara State – ₦218,554,000.00
Federal University of Technology, Ikot-Abasi, Akwa Ibom State – ₦6,308,000.00
Lagos State University of Education, Lagos State – ₦14,378,000.00
Moshood Abiola Polytechnic, Ogun State – ₦3,485,000.00
Ogun State Institute of Technology, Ogun State – ₦5,907,998.00
Tai Solarin University of Education, Ogun State – ₦10,802,000.00
University of Ilesa, Osun State – ₦98,871,500.00
University of Port Harcourt, Rivers State – ₦66,906,030.00
Gombe State University, Gombe State – ₦3,621,000.00
Abia State University, Abia State – ₦12,469,500.00
Federal University of Technology Babura, Jigawa State – ₦64,565,000.00
Nigerian Army University Biu, Borno State – ₦45,138,500.00
Abubakar Tafawa Balewa University, Bauchi State – ₦256,912,600.00
Michael Okpara University of Agriculture, Umudike, Imo State – ₦71,016,220.00
Yusuf Maitama Sule University, Kano State – ₦4,297,178.00
Bauchi State University, Bauchi State – ₦12,628,500.00
Yaba College of Technology, Lagos State – ₦733,000.00
Hussaini Adamu Federal Polytechnic, Kazaure, Jigawa State – ₦621,256.80
Ignatius Ajuru University of Education, Rivers State – ₦107,245,000.00
Federal University of Technology, Akure, Ondo State – ₦34,428,000.00
Ladoke Akintola University, Oyo State – ₦8,670,000.00
Kogi State University, Kabba, Kogi State – ₦10,820,650.00
Niger State Polytechnic, Zungeru, Niger State – ₦4,535,000.00
Alex Ekwueme Federal University, Ndufu, Anambra State – ₦193,377,100.00
Federal University of Health Science, Otukpo, Benue State – ₦32,450,844.00
University of Maiduguri – ₦589,001,500.00
University of Ibadan – ₦201,114,650.00
University of Ilorin – ₦52,897,890.00
University of Benin – ₦24,412,500.00
Federal University Dutsin-Ma – ₦304,961,800.00
Bayero University Kano – ₦853,775,000.00
Federal College of Education, Abeokuta – ₦11,945,700.00
Federal University of Technology, Minna – ₦62,928,600.00
Obafemi Awolowo University, Ile Ife – ₦50,414,000.00
Federal Polytechnic Ilaro – ₦8,347,465.00
University of Lagos – ₦122,494,400.00
University of Jos – ₦209,320,000.00
Federal College of Education Technical, Gusau – ₦15,600,200.00
Federal College of Education Special, Oyo – ₦18,502,500.00
Federal University Dutse – ₦207,106,000.00
Federal University Birnin Kebbi – ₦130,002,800.00
Modibbo Adama University, Adamawa – ₦83,837,850.00
Federal Polytechnic Bauchi – ₦7,218,800.00
Federal Polytechnic Mubi – ₦2,045,500.00

Eligibility Requirements for the Nigerian Student Loan

On April 3, 2024, President Bola Tinubu signed the Student Loans Act into law, broadening the scope of eligibility for NELFUND loans. The key provisions of this act include:

Open to All Nigerian Students: The loan is available to all Nigerian students enrolled in federal, state, and licensed vocational institutions.
Income Inclusivity: The previous restriction that barred students from families earning ₦500,000 or higher from applying has been removed, making the loan accessible to a wider range of students.

Who Can Apply?

Eligible Institutions: Students admitted to public universities, polytechnics, colleges of education, or vocational schools.
Admission Proof: Applicants must provide proof of admission, including their name, date of birth, admission details, JAMB number, matriculation number, and BVN.
Direct-Entry Students: Direct-entry students into higher institutions are eligible, provided they have a valid JAMB number.

FG Disburses N10.8 Million to TASUED for Student Loans: A Milestone for Educational Access NELFUND Student Loan

Application Process for the 2024 NELFUND Student Loan

Applying for a NELFUND student loan is a streamlined process designed to be user-friendly and accessible. Here’s a step-by-step guide to help you navigate the application:

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Required Documents

Before starting your application, ensure you have the following:

JAMB Registration Number
National Identity Number (NIN)
Bank Verification Number (BVN)
Student Matriculation or Registration Number

Step-by-Step Application Guide

Visit the NELFUND Website
- Navigate to nelf.gov.ng.
Initiate the Application
- Click on the “Apply Now” button.
- Select “Get Started” to begin the registration process.
Verification Process
- Answer the question, “Are you a Nigerian?”
- Verify your educational information by selecting your institution from the drop-down menu and entering your matriculation number.
JAMB Verification
- Click on “Verify with JAMB” to input your JAMB details.
- If your NIN is not registered with JAMB, enter your NIN for validation.
Account Creation
- Create an account using your email and password.
- A verification link will be sent to your email. Click on the link to verify your account.
Provide Contact Details
- After logging in, click on “Proceed to Contact Details.”
- Enter your phone number, residential address, state of residence, and local government area.
Educational Details
- Click on “Proceed to Educational Details.”
- Select your higher institution and input your matriculation number.
Bank Details
- Click on “Proceed to Account Details.”
- Enter your BVN, bank name, and account number.
Complete Profile
- Click on “Save Changes” to finalize your profile setup.

Requesting the Loan

Initiate Loan Request
- Click on “Request for Student Loan” at the top right of your screen.
Select Loan Type
- Choose between an upkeep loan by clicking the checkbox or only the institutional charge by clicking “Continue.”
Upload Supporting Documents
- Upload your admission letter (mandatory).
- Optionally, upload your student ID and institutional invoice.
- Agree to the policy and declaration by checking the respective boxes, then click “Continue.”
Review and Submit
- Read the loan overview.
- Agree to the terms and conditions and the GSI Mandate by checking the boxes.
- Submit your application.
Monitor Application Status
- Click on the “Loans” button to view and monitor the status of your application.

Repayment Terms for NELFUND Student Loans

Understanding the repayment structure is crucial for managing your finances post-graduation. Here’s how the repayment process works:

Repayment Start Date: Begins two years after the completion of your National Youth Service Corps (NYSC).
Repayment Method: The government deducts 10% of your income directly through the payroll system, ensuring a manageable repayment plan.
Extensions: If you cannot secure employment or establish a business within the two-year grace period, you can appeal for an extension by submitting an affidavit and supporting documents.
Loan Forgiveness: In cases of permanent disability or the death of the loan beneficiary, the loan can be forgiven.

Consequences of Defaulting

Failure to adhere to the repayment terms can result in severe penalties, including:

Legal Action: Potential legal consequences for deliberate default.
Financial Penalties: Imposition of fines alongside legal measures.
Credit Impact: Negative impact on your credit score, affecting future financial opportunities.

Integrity Measures

Providing false information during the application process is a serious offense, punishable by:

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Jail Term: Up to three years of imprisonment.
Fines: Monetary penalties.
Both: A combination of jail time and fines.

Expanding Access: Eligible State-Owned Institutions

On August 6, 2024, NELFUND expanded its reach by including numerous state-owned institutions in its loan programme. This expansion ensures that more students across various states can access financial aid. Below is the extensive list of newly eligible institutions:

List of State-Owned Institutions Eligible for NELFUND Student Loan

Osun State Institutions:
- GTC, Gbongan
- GTC, Ile-Ife
- GTC, Inisa
- GTC, Iwo
- GTC, Otan Ayegbaju
- GTC, Osu
- University of Ilesa, Osun State
- Osun State College of Education, Ila-Orangun
- Osun State College of Technology
- Osun State Polytechnic, Iree
- Osun State University
Other States:
- Ibrahim Badamasi Babangida University, Lapai
- Ignatius Ajuru University of Education, Port Harcourt
- Imo State University of Agriculture and Environmental Sciences, Umuagwo
- Isa Mustapha Agwai Polytechnic, Lafia
- Kaduna State College of Education, Gidan Waya
- Katsina State Institute of Technology and Management
- Kebbi State University of Science and Technology, Aliero
- Kingsley Ozumba Mbadiwe University
- KWARA Polytechnic
- Lagos State University of Education
- Lagos State University of Science and Technology
- Lagos State University
- Mohammed Lawan College of Agriculture
- Nasarawa State University, Keffi
- Niger Delta University
- Niger State Polytechnic, Zungeru
- Nuhu Bamalli Polytechnic, Zaria
- Olabisi Onabanjo University
- Oyo State Colleges and Universities (Various)
- Plateau State University, Bokkos
- Port Harcourt Polytechnic
- Ramat Polytechnic, Maiduguri
- Sule Lamido University Kafin Hausa, Jigawa State
- Tai Solarin University of Education
- Taraba State Polytechnic
- Taraba State University, Jalingo
- Umar Musa Yar’adua University, Katsina
- Umar Suleiman College of Education, Gashua, Yobe State
- University of Medical Sciences, Ondo
- Yobe State University
- Yusuf Maitama Sule University
- Zamfara State University, Talata Mafara
- Enugu State University of Medical and Applied Sciences
- Cross River State University
- University of Delta, Agbor
- Ebonyi State University, Abakaliki
- Bamidele Olumilua University of Education Science and Technology
- Imo State Polytechnic, Omuma
- Kaduna State University
- Prince Audu Abubakar University, Anyigba
- Kwara State College of Education, Oro
- Gateway ICT Polytechnic, Saapade
- Oyo State College of Health Science and Technology, Eleyele, Ibadan
- Adeseun Ogundoyin Polytechnic, Eruwa, Oyo State
- Ladoke Akintola University of Technology, Oyo
- Oyo State College of Nursing Sciences, Eleyele
- First Technical University, Ibadan
- Taraba State College of Nursing Sciences, Jalingo
- Mai Idris Alooma Polytechnic, Gaidam, Yobe State
- Ogun State Institute of Technology, Igbesa
- Abia State Polytechnic
- Abraham Adesanya Polytechnic
- Adamawa State Polytechnic, Yola
- Adamawa State University, Mubi
- Adekunle Ajasin University, Akungba-Akoko, Ondo State
- Akwa Ibom State Polytechnic
- Akwa Ibom State University
- Aliko Dangote University of Science and Technology, Wudil
- Aminu Saleh College of Education, Azare
- Benjamin Uwajumogu State College of Education, Ihitte Uboma
- Benue State University, Makurdi
- Borno State University
- College of Education, Afaha Nsit
- College of Education, Waka-Biu
- Confluence University of Science and Technology
- D.S Adegbenro ICT Polytechnic, Itori-Ewekoro
- Delta State Polytechnic, Ogwashi-Uku
- Delta State University of Science and Technology
- Dennis Osadebay University, Asaba
- Edo State University Uzairue
- Ekiti State University, Ado Ekiti
- Gombe State University
- Government Technical College, Ile-Ife
- GTC, Ara, Osun State

Frequently Asked Questions (FAQs) About NELFUND Student Loan

1. Who is Eligible to Apply for Loans Under This Act?

Eligibility Criteria: Students who have secured admission into all public Nigerian universities, polytechnics, colleges of education, or vocational schools. Applicants must provide proof of admission, including their name, date of birth, admission details, JAMB number, matriculation number, and BVN.

2. Can a Direct-Entry Student into Higher Institutions Apply for a Loan?

Yes: Direct-entry students are eligible provided they possess a valid JAMB number.

3. Will the Loan Be Available for All Students or Only Applicants?

Eligibility: All full-time students are eligible for the loan, but only those who apply will benefit from it.

4. How Much Loan Are Students Allowed to Apply For?

Loan Amount: Determined by the institutional charge of each institution. The loan covers institutional charges and, if required, upkeep expenses. Institutional charges are remitted directly to the institution, while upkeep is disbursed to the applicant monthly.

5. Will the Applicant Be Required to Make Any Payment Before the Loan Is Disbursed?

No: There are no upfront payments required before loan disbursement.

6. Is There an Interest Payable on the Loan?

Zero Interest: The loan is provided without any interest charges.

7. Is the Loan Open to Every Student?

Inclusivity: The loan is open to both new and existing full-time students in tertiary institutions.

8. What Is the Disbursement Timeline?

Processing Time: NELFUND will disburse funds within 30 days of approval of successful applications.

9. Is There an Age Limit for Applicants?

No Age Restriction: There is no age limit for applicants.

10. Is the Loan Applied for Only Once?

Renewable: The loan can be applied for every academic session by the student.

11. How Do Applicants Know Their Application Is Approved?

Notification: Applicants will receive a notification, and the loan application status can be viewed in their profile on the NELFUND portal.

12. When Is the Loan Due for Repayment?

Repayment Start: Two years after the completion of the NYSC.

13. Under What Circumstances Will NELFUND Deny a Loan Application?

Disqualifying Factors:
- Proven default on any previous loan from a licensed financial institution.
- Submission of fake documents or involvement in exam malpractices.
- Conviction of fraud, forgery, drug offenses, cultism, felony, or any offenses involving dishonesty.

14. What Are the Consequences of Defaulting on a Loan?

Penalties:
- Legal action and potential imprisonment.
- Financial penalties.
- Negative impact on credit scores.

15. Is There an Appeal Process When an Application Is Denied?

Appeals: Applicants can raise complaints through the NELFUND portal or by emailing NELFUND directly.

The Impact of NELFUND’s 2024 Initiatives

NELFUND’s expanded disbursements and enhanced loan programme are set to transform the educational landscape in Nigeria. By removing financial barriers and extending support to a wider range of institutions and students, NELFUND is fostering an inclusive environment where talent can thrive irrespective of economic backgrounds.

Increased Access: More students can now afford tertiary education, leading to a more educated workforce.
Skill Development: Enhanced funding allows institutions to improve their facilities and academic programs, resulting in better-trained graduates.
National Development: A skilled and educated population is crucial for national development, innovation, and economic growth.

Sustainable Educational Growth

By ensuring timely disbursements and maintaining a fair repayment system, NELFUND promotes sustainable growth within educational institutions. This financial support not only aids in infrastructural development but also in academic excellence, research, and innovation.

Conclusion

The Nigerian Education Loan Fund (NELFUND) continues to be a beacon of hope for countless Nigerian students aspiring to achieve higher education. With its comprehensive loan programme, expanded eligibility criteria, and robust support system, NELFUND is making significant strides in democratizing education across Nigeria. As students navigate the application process and institutions benefit from increased funding, the collective efforts of NELFUND, government, and educational institutions are paving the way for a brighter, more educated Nigeria.