How to Apply for Student Loan in Nigeria 2024 – [nelf.gov.ng]

Are you a student seeking funds to finance your education in Nigeria? Perhaps you are currently facing some difficult financial challenges and don’t know what else to do.

The Federal Government of Nigeria, under the Tinubu-led presidency, has acknowledged the plight of the masses and, in response, has initiated the Nigeria Education Loan Fund (NELFUND) to address these challenges.

The Nigeria Education Loan Fund is the official agency through which loans will be disbursed to students who apply for them. In light of this, students who lack the means to empower themselves through higher education institutions are encouraged to apply.

It is also important to note that it is an interest-free loan. This means that you do not have to pay any interest during repayment. Let me reiterate: “If Mr John applies and receives a loan of 500k for the duration of his academic session, Mr John is obliged to pay back 500k after graduation, as soon as he starts earning.”

Similarly, The repayment of the loan begins exactly two years after the completion of the participation in the NYSC programme.

Who is eligible to apply for a Student Loan?

At the moment, only students applying to state or federal government institutions are eligible to apply for Nigeria’s student loan.

The amount of loan you receive will be determined by the course you are pursuing and the institution you have applied to. Similarly, the duration of your studies also influences the amount of student loans you can receive.

You don’t need collateral to apply for a Nigerian student loan. The application process is seamless and does not require extensive procedures.

What are the requirements to apply for a Nigeria student loan?

1. Enrollment in State or Federal Government Institutions: Eligibility for the student loan requires enrollment in either state or federal government institutions.
2. Citizenship: To be eligible for the loan, you must be a Nigerian citizen by birth or neutralization.
3. Financial Need: Applicants should demonstrate financial need, particularly those who lack the means to fund their education through other sources.
4. Course of Study: The amount of loan disbursed may be influenced by the course of study pursued by the applicant.
5. Institution of Study: The institution where the applicant is enrolled can affect the amount of loan they receive.
6. Duration of Studies: The length of the academic program also influences the amount of loan granted.
7. Interest-Free Repayment: Understand that the loan is interest-free, and repayment is expected after graduation or upon starting to earn an income.
8. No Collateral Requirement: There is no need for collateral to apply for the loan, making it accessible to a wider range of students.

How to apply?

Interest students who wish to apply should visit the official website at https://nelf.gov.ng to apply