What to expect as students loan portal launches May 24

The portal for the long awaited Nigerian Education Loan Fund (NELFUND) is set to officially go live on Friday, May 24,2024.

This was announced late Thursday in a press statement signed by Nasir Ayetogo, the head of press and public relations NELFUND

The student loan scheme was initiated by President Tinubu’s administration to provide interest-free education loans for Nigerians willing to acquire tertiary education.

With its enactment earlier in June, the Access to Higher Education Act, 2023, otherwise known as students loan Act, established an Education Loan Fund to help Nigerians fund their higher education, while they pay in installments two years after completing their participation in the National Youth Service Corps (NYSC) programme.

Here are a few things to look forward to

On May 24, 2024, the portal for the students loan fund can be accessed on www.nelf.gov.ng to begin application.

The portal provides a user-friendly interface for students to submit their loan applications conveniently.

Through the portal, the loans process to pursue academic aspirations without financial constraints begins.

All students of public tertiary institutions and students of vocational institutions approved by the government are eligible to apply for the loan.

With its takeoff, the fund is targeting over 1.2 million students as its first set of beneficiaries.

Repayment of the loan starts two years after the National Youth Service Corp (NYSC) programme. However, beneficiary may request an extension of enforcement action by the Fund, by providing an affidavit indicating that he is not employed in any capacity and is not receiving any income.

The loan can be forgiven in the event of death or acts of God causing inability to repay.

More information and assistance on the loan can be directed to NELFUND via email on [email protected] or via its social media handles.