Federal Government Student Loan Application Portal 2024 is currently open to all the students in any approved higher institution in Nigeria. Login to NELFUND student Loans portal and apply now and be a part of the programme beneficiaries.
Are you interested in applying for Federal Government student Loan scheme 2024? If yes, then make sure you read everything in this article so that you can be fully equipped before you proceed to the NELFUND portal.
Just make sure you read through to understand the Federal Government Students Loans repayment plans.
The Federal Government student loan was signed by the president on the 12th of June 2023 to assist students who may face challenges covering the costs of their education. The student loan is to provide easy access to higher education for indigent Nigerian through interest-free loans from the Nigerian Education Loan Fund. The purpose of the loan is to enable Nigerian students to pay their tuition fees in any Nigerian recognized institution.
Federal Government Students Loans Requirements
Below are the requirements needed to register for the FG NELFUND students Loans.
- Applicants must have secured admission into any of the Nigerian universities, polytechnics, colleges of education or any vocational school established by the Federal Government or the Government of any state of the Federation.
Reasons a student will be disqualified from accessing federal government student loans If:
- He is proven to have defaulted in respect of any previous loan granted by any organization
- He has be found guilty of exam malpractice by any authority
- He is convicted of a felony or any offence involving dishonesty or fraud
- He has been convicted of drug offences; or
- Any of the parents has defaulted in respect of students loan or any loan granted to the person
Note, providing false information or trying to manipulate the NELFUND system is a serious offense and can result in a three-year jail term, a fine, or both.
How to apply for Federal Government Student Loan
To apply for FG students loans, you are to follow the guidelines below:
- Visit NELFUND student loan portal https://nelf.gov.ng/
- Fill the online application form
- Upload clear copies of the following items in either PDF or JPEG formats:
- JAMB registration number
- National Identity Number (NIN)
- Bank Verification Number (BVN)
- Student matriculation or registration number
- JAMB admission letter
The NELFUND committee shall communicate to the applicant on the status of his application within 14 days of the receipt of any application.
Processing of any applicant’s application and disbursement shall be made within 30 days of the application reaching the Chairman of the Committee.
READ: How to Apply for Federal Government Grant and Loan
FG Students Loans Repayment Plan
- Any beneficiary of the loan to which this ACT refers shall commence repayment two years after completion of the National Youth Service Corps programme
- Repayment shall be by direct deduction of 10% of the beneficiaries salary at the source by the employer and credited to the Fund
- Any change in job shall be communicated to the Chairman of the Committee within 30 days of resuming with his new employer with details of the new job
- Where the beneficiary is self-employed, he shall remit 10% of his total profit monthly to the Fund
- A self-employed person shall within 60 days of assuming that status submit all information such as name of business, address and location, registration documents if registered, name of bankers, names of partners, name of directors and shareholders to the committee
- Anyone in default of the or found to be aiding the default commits an offence and is liable on conviction to a fine of N500,000 or imprisonment for a term of two years or both.