Student Loan Policy and Application Guidelines

Student Loan Policy and Application Guidelines

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


- 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

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