NELFUND Announces Student Loan Application Date: Who Can Apply?

The Managing Director of NELFUND, Akintunde Sawyer, has announced the date for the opening of its portal for the submission of student loan applications, along with the requirements for eligibility.

This information was disclosed in a statement signed by Nasir Ayitogo, the Media and Public Relations Lead. The press statement indicated that the application for student loans through the portal begins on May 24. According to the statement, the scheme will kick off with 1.2 million beneficiaries, and the funds will be paid directly to the tertiary institutions of the benefiting students. The students will also be entitled to stipends, which will be paid directly to them.

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Eligibility for the loan includes:

• Must be a Nigerian citizen.
• Admission to an approved Nigerian institution (including vocational schools).
• Family income below NGN 500,000 per year.
• JAMB Registration Number
• A National Identity Number (NIN) must be obtained.
• A Bank Verification Number (BVN) must be provided.
• Matriculation Number or a School Registration Number must be held.
• Course of study.
• Level of study.
• No defaults on past loans or criminal convictions (malpractice, felonies, drugs).
• A declaration expressing the dire need for financial aid.

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He also explained the criteria of having a guarantor in Level 12 in civil service with 10 years experience practicing law has been withdrawn to cater for the vulnerable. Akintunde Sawyer also emphasized that an application does not guarantee approval. He further stated that once the loan is applied for, it will be evaluated, and if the criteria are met, it will then be approved. He noted that the evaluation could take up to 30 days.