How to apply for student loan in nigeria 2024/2025 (Requirements)
The Student Loan (Access to Higher Education) Act, 2024
It is very important Announcement for Nigerian students to know that “President of Nigeria, Bola Ahmed Tinubu, on Wednesday, April 3, 2024, signed into law the Student Loans also known as (Access to Higher Education) Act, 2024.
Student loan, Act, 2024.
The interest-free loan aims to provide sustainable and quality higher education and functional skill development for all Nigerian students and youths.
In this article, we discussed about how to apply and requirements needed for a student loan in Nigeria. This will help all students in Nigeria who want to continue their higher education but cannot due to financial issues. We are glad to inform you that a student loan can be a good solution and alternative for you.
Understanding student loan in Nigeria.
Before we go further, it’s very important to understand the meaning of student loans in Nigeria. Let’s go deep and make this topic crystal clear.
Read also: Federal polytechnic Kaura Namoda application form for 2024-2025
What is student loan in Nigeria?
The Student Loan (Access to Higher Education) Act, 2024. This is a loan that the federal government of Nigeria agreed to provide to students in Nigeria, who want to pursue their higher education or functional skill development through an approved body called NELFUND.
Nigeria Education Loan Fund (NELFUND)
The Nigeria Education Loan Fund (NELFUND) is a corporate body established by the Federal Government of Nigeria. To regulate, monitor, and maintain the Nigerian student loan fund and it’s disbursement.
NELFUND has the ability to sue and can be sued in it’s name, the body has the power to acquire property, hold property, and dispose of property, whether the property is movable or immovable for it’s functions.
NELFUND functions to ensure the appropriate loan contract, agreement and repayment by the beneficiaries.
The above paragraph gives a full introduction to the Nigerian student loan, and it gives a better explanation for understanding. Now we will continue our journey to the loan application and the requirements for the application.
Read also: Top 10 online universities in Nigeria for distance learning
What is the use of Student loan in Nigeria?
Because the loan is intended for students to acquire higher education, it is used to pay for school fees, tuition fees, materials for studies, suitable accommodation, and food throughout the period of study.
Requirements for Students loan in Nigeria
NELFUND is the body responsible for the checking, validation, processing, and approval of loan applications based on the requirements you provided. Therefore, it is very important to make sure you deserve for the loan before applying, and ensure you submit correct information.
The eligibility requirements
- The applicant must be Nigerian and indigenous to 36 states, including FCT.
- The applicant must be 18 years old.
- First time students at a higher institution must have an SSCE O-level certificate with an acceptable academic performance.
- Undergraduates currently studying at a higher institution can apply, must have an acceptable academic performance.
- Students proceeding for master or doctorate degrees are not eligible for the loan.
- NELFUND will perform some verification of the personal data you provided, Make sure you provided a valid and functional national identification number (NIN), bank verification number (BVN), and JAMB number.
Changes to Previous eligibility for applicants
Upon the recent update in 2024 eligibility criteria, the applicant can smoothly get it easier for loan approval Let see what is new.
- Family income threshold criteria removed.
- Guarantor requirements is no longer needed.
- Parents’ loan history is no longer a barrier.
How to apply for a Student loan in Nigeria
- Visit the NELFUND board and apply for the loan.
- Fill and submit the requirement to NELFUND team for review.
- When the application is approved, you will be notified of it’s success.
Apply Now
The NELFUND board members are chosen from different ministries in Nigeria, they are dedicated people who are willing to support students in pursuing their higher education. Most are from the following ministries:
Federal Ministries of Finance and Education, the FIRS, NIMC, NUC, NBTE, and NCCE, as well as representatives of universities, polytechnics, colleges of education, students of tertiary institutions, and the organized private sector.
Read also: How to get admission in College of Nursing in Nigeria
How to repay the loan.
The Fund shall not initiate loan recovery efforts until two years after the applicant has completed the National Youth Service Program. It is expected that the beneficiary will have secured a good job and can initiate repayment.
What happens if I find it difficult to repay?
Some people may find it difficult to repay the loan even after the period of loan recovery has reached, in this situation, a beneficiary can provide a sworn affidavit indicating that he/she is not employed in any capacity and is not receiving any income, that he cannot initiate repayment.
Read also: Fugus admission portal 2023/2024
Provision of loan forgiveness policy
There is a loan forgiveness policy that states that “in the event of death or acts of God causing inability to repay the loan, the beneficiary can be forgiven.
Conclusion
This article discussed the student loan in Nigeria and included everything students need to know about the loan, from it’s meaning, requirements, purpose, application, and repayment. Take advantage of this loan to pursue your high school education.
References
State house officials information about student loan
state house official
Leadership newspaper
leadership Nigeria
Nigerian students portal
The library portal documents, derived information.