NELFUND Student Loan Application Portal: How to Apply for N20,000 Monthly Stipend in 2024

NELFUND Student Loan Application Portal: How to Apply for N20,000 Monthly Stipend in 2024

This may be your opportunity if you are a student in Nigeria! All tertiary level students of the country have been offered a monthly stipend worth N20,000 by Nigerian Education Loan Fund (NELFUND). This loan is without interest as it provides important financial assistance that will aid you throughout your academic pursuit.

 

What is NELFUND?

Nigerian Education Loan Fund (NELFUND) is a government initiative which handles student loans all over Nigeria. It is an authorized Federal Government Agency saddled with the responsibility of ensuring that students get financial backing to see them through their years of study. However, it should be noted that applications for these loans can only be done via NELFUND portal found at nelf.gov.ng to avoid falling victim to scam sites.

 

NELFUND Student Loan 2024: Overview

For the ongoing 2024/2025 academic session, eligible students are being disbursed loans by NELFUND. Many have received theirs already while others expect to receive soon and more payments are still going on. But remember that only schools running programs right now will receive payment; so if your school has resumed then await your payment but if not ensure all details supplied during application especially bank account information are correct.

 

Don’t forget this is a loan though interest-free; if you haven’t applied yet do so now! This guide will take you through everything about NELFUND application process including eligibility requirements and lots more.

 

Who Is Eligible For The NELFUND Student Loan In 2024?

All Nigerian public tertiary institutions’ full-time students are eligible for this loan but they must complete their applications successfully before funds can be given out. The Student’s Loan Act has made it possible for zero-interest loans to cover institutional charges and upkeep during higher education years.

 

To be eligible, you must:

• Be a full-time student in any Nigerian public university, polytechnic, college of education or vocational school.
• Provide evidence of admission including your name, date of birth, admission letter number (JAMB) matriculation number and BVN.
• Both freshers and returning students can apply as there is no age restriction.
• Direct entry candidates into higher institutions are also eligible but they should have JAMB number with them.
• For new students; scanned copy of admission letter is compulsory while student identification card remains optional though recommended too.
• Some students from certain institutions whose fees were paid by NELFUND are currently receiving their monthly stipends. Once approved all eligible applicants will receive N20,000 per month as allowance each .

 

 

To qualify for the NELFUND student loan, applicants must meet specific criteria:

1. Admission Requirement: Applicants must be enrolled in a public Nigerian university, polytechnic, college of education, or vocational school. Proof of admission, including the student’s name, date of birth, admission letter, JAMB number, matriculation number, and BVN, is required.
2. No Age Limit: The loan is open to students of all ages who meet the academic requirements.
3. New and Existing Students: Both new and existing students in the eligible institutions can apply. Direct entry students are also eligible but must have a JAMB number.
4. Required Documents: Applicants must provide scanned copies of their admission letter (mandatory for new students) and student identification card (optional).

How To Apply For NELFUND Student Loan 2024

Applying for the loan offered by NELFUND is not difficult; just follow these few steps:

• Visit The Official Portal: Open this link https://nelf.gov.ng/ or directly go to https://portal.nelf.gov.ng/ to get started with your application process through their portal.
• Fill In Application Form: Provide personal information which includes full names of institution attended such as college name etc., course studied or studying presently at that particular institution, admission/matrícula number given when one was admitted into the school plus JAMB registration No., date of birth (DoB), national identification no (NIN) and bank verification number (BVN).

 

Submit Your Application

Once you have submitted, you will get a notification. So, please check with NELFUND portal to know where your application has reached. If approved, the loan should be paid out within 30 days. Note that no fee is required prior to receiving the loan and it’s open for all full-time students in public tertiary institutions.

 

NELFUND Loan Key Facts

Repayment Terms: Employer will deduct 10% of beneficiary’s salary at source. Self-employed beneficiaries are required to deposit 10% of their monthly profit into the Fund. You can pay back more than minimum 10% if you want.

Loan Coverage: The loan caters for both institutional charges and upkeep fees. Amount given depends on how much an institution charges.

Repayment Schedule: Repayment starts two years after NYSC completion. In case one remains unemployed during this period, they need to notify NELFUND every three months through an affidavit sworn before a magistrate court judge or notary public.Failure to repay deliberately may attract penalties, legal action against you and can ruin your credit rating forever.