Student Loan Policy and Application Guidelines

President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students. The scheme was to commence in October 2023 but implementation was repeatedly deferred until a re-enactment in April 2024. NELFUND recently scheduled the opening of the loan application and issuance portal for May 24.

Student Loan Policy:

- Enacted by President Bola Tinubu in June 2023

- Interest-free loans for students

- Commencement deferred until April 2024

- Implemented by NELFUND

Eligibility:

- Students in federal institutions (universities, polytechnics, colleges of education, technical schools)

- Institutions must have completed and uploaded student data

- Needy students

Application Process:

1. Log in to the portal: (not yet release officially)

2. Create an account: Use existing credentials or create a new account

3. Documents required:

    - JAMB admission letter

    - National Identification Number (NIN)

    - Bank Verification Number (BVN)

4. Complete the application:

    - Personal details

    - Academic information

    - Financial need

5. Submit the application: Review thoroughly before submission

6. Confirmation email: Receive further instructions

Key Features of the Application Portal:

- User-friendly

- Simplifies the application process

- Online support mechanism for questions or concerns

- No physical contact required

Loan Scheme:

- Interest-free

- Flexible repayment options

- Repayment commences two years after NYSC completion, provided individual has secured employment