Good news for Nigerian students!
Your university dreams just got closer!
The long-awaited student loan program is finally launching this Friday, May 24, opening doors to higher education for 1.2 million students across the country.
This comes after President Bola Tinubu, on April 3, signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
This guide will explain everything you need to know about a student loan, including how to apply and who’s eligible.
Let’s go!
What is a Student Loan?
A student loan is designed to help students pay for education and its associated fees.
This loan differs from other kinds of loans in the sense that the interest rate is relatively lower, and the repayment schedule is much more flexible.
You might also be interested in some student loan apps in Nigeria. Check them out!
Applying for a Student Loan in Nigeria: A Simplified Guide
According to the Nigerian Education Loan Fund (NELFUND), here’s a step-by-step process to apply for a student loan in Nigeria:
Step 1: Visit www.nelf.gov.ng
Step 2: Click on the “Apply Now”
Step 3: Click on “Get Started”
Step 4: Answer the questions on this page continue by clicking on “Yes, I am a Nigerian”
Step 5: Verify your educational information. You would be required to select your school from a dropdown and provide your matric number to check if your school has uploaded your details.
Step 6: Click the “Verify with JAMB” and enter your JAMB details on the screen.
(Students whose NIN has not been registered with JAMB will have an input field where they can enter their NIN for validation.)
Step 7: Create an account by entering your Email address, Password and Confirm Password in the fields provided and click “Create Account”.
Step 8: Click the email verification link sent to your email.
This concludes the process of creating an account.
Next,
How to Complete Your Profile
After successful registration, log in by clicking the “Log in” button.
Step 1: Enter your email address and password to log in.
Step 2: Click on the “Proceed to Contact Details” button.
Step 3: Update contact details with the current information of your Phone Number, Full Residential Address, State of Residence, and Local Government Area of Residence, and click “Proceed to Educational Details”
Step 4: Update your educational details by selecting your Higher Institution and inputting your Matric Number, then click “Proceed to Account Details”
Step 5: Verify your BVN by entering your BVN, select your Bank Name, and enter your Account Number. Click “Save Changes” to complete your profile.
If you’re having trouble remembering your BVN, see how to check your BVN.
Student Loan Application
Step 1: Click on the “Request for Student Loan” button at the top right of the screen on the home or loans page after logging into the application.
Step 2: If you want an upkeep loan, click the check box, and click Continue, if all you need is the institutional charge, click the “Continue” button.
Step 3: Upload supporting documents. The admission letter is compulsory while the Student ID and Institution Invoice are optional. Click the checkbox for the policy and declaration and click “Continue”
Step 4: Read the loan overview and click the checkboxes for both the Terms & Conditions and GSI Mandate then click “Submit Application”
Step 5: Click on the “Loans” button to view the status of your application.
Eligibility Requirements for a Student Loan in Nigeria
- Admission: You must be admitted to a recognized Nigerian university, polytechnic, college of education, or vocational training institution.
- Income: While no official income requirement is currently stated, the Student Loan (Access to Higher Education) Act, 2024 aims to prioritize students from low-income backgrounds.
Check out some of my other helpful resources on student loans:
GTBank Student Loan: Requirements & How To Apply
Mpower Financing – All you should know
In Conclusion…
No more struggling to pay for education!
With an option for a quick loan in Nigeria, and government support available, funding your academic journey doesn’t have to be a climb up Mount Everest.
But remember, knowledge is power, and so is informed decision-making.
This platform lets you compare loan offers from different lenders in minutes, ensuring you get the best deal for your educational needs.
So go forth, conquer your studies, and invest in your bright future!
