Student loan in Nigeria (NELFUND)
NELFUND, also known as Nigerian Education Loan Fund, is a government program in Nigeria that give loans to students in public universities, polytechnics, and colleges of education so they can pay school fees and support their education. This NELFUND program also includes giving students who applied for it a monthly upkeep althrough the session. This program is actually one good thing I will say the federal government of Nigeria has done.
I have and know people close to me who have actually benefited from this program. Those who had no idea where to get money to pay their school fees applied for this NELFUND program and have been enjoying the benefits since their loan request got approved. The have also been receiving the sum of Twenty Thousand naira (N20,000) monthly as their upkeep fee.
The NELFUND program provides interest free loans (no interest while in school), as the goal is to help students who cannot afford tuition.
The criteria to apply for the NELFUND are:
You must be a Nigerian
You must be attending a federal or state public institution.
You must have admission into a recognized school.
You should have BVN and a NIN.
You don’t need to be scared on how/when you’re going to pay because, payment starts after your NYSC and when you get a job. 10% of your salary will be automatically deducted monthly so as to settle the payment of the loan.
In conclusion, application for the NELFUND can be done through their official portal which is https://nelf.gov.ng . You have to create an account, fill in your details, then upload every necessary admission info. Approval usually takes an average of 4 - 8 weeks after submitting a complete application. In worse case scenarios if there are delays, disbursements could take up to 12 weeks. So, if you’re a newly admitted student finding it difficult to pay your tuition, do not hesitate to apply for the NELFUND program, it is your right as a citizen of Nigeria to get this benefit.
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