How to Apply for NELFUND 2024/2025 Student Loan
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| Credit: Business day.ng |
Going to school in Nigeria today can be very expensive. Many students find it hard to pay school fees, buy textbooks, or even take care of their daily needs in school. This is why the government of Nigeria started something called the NELFUND student loan. It is meant to help students who do not have enough money to continue their education.
In this blog post, you will learn what this loan is, who can get it, how to apply, and other important things you should know. So, if you are a student in Nigeria and you want help to pay your school fees, this post will guide you on what to do step by step. Let us begin.
What is NELFUND?
NELFUND means Nigerian Education Loan Fund. It is a new program created by the Nigerian government to help students in universities, polytechnics, and colleges of education. It is a loan, which means the government will give you money for your education, and you will pay it back later, but not now.
This loan is meant for poor and needy students. You do not need to worry about paying it back while you are still in school. You will start paying after you graduate and get a job.
Who Can Apply for NELFUND Student Loan?
Before you apply, you need to know if you are qualified. Not every student can apply. There are some rules. You must meet all these rules before you can apply:
1. You must be a Nigerian.
2. You must be in a public university, polytechnic, college of education, or any government-approved school in Nigeria.
3. Your family must earn less than 500,000 naira every year.
4. You must have a guarantor. This means someone who promises to help if you do not pay back.
5. You must not be found guilty of a crime like stealing or fraud.
6. You must not have taken a loan from a bank and refused to pay.
If you meet all these things, then you can go ahead and apply.
What Does the NELFUND Loan Cover?
The loan is meant to help you go through school without suffering. The money from the loan can be used for:
1. Paying school fees
2. Buying textbooks and learning materials
3. Paying for hostel or rent
4. Feeding and transport
5. Any other school-related needs
How Much Money Will You Get?
The amount you get depends on your school and your needs. The loan is not the same for every student. The government will look at your application and decide how much to give you. But don’t worry, they will try their best to give you enough to cover your school needs.
When Should You Apply?
Applications for the NELFUND loan for the 2024/2025 session are now open. The earlier you apply, the better. Do not wait until the deadline. Try to apply once your school has resumed or you get admission.
You can apply anytime within the period that NELFUND opens their portal. You just need to check the official NELFUND website often to know when the application opens and when it will close.
Where to Apply for the Loan
You can only apply online. You do not need to go to any office or pay any person to apply for you. The website to use is: (http://www.nelf.gov.ng)
Please be careful. Make sure you use the correct website and do not give your details to any random person. Many people will try to scam you, so only trust the official website.
Documents You Need to Apply
Before you apply, make sure you have these things ready:
1. Your admission letter from the school
2. Your school ID card
3. Your National Identity Number (NIN)
4. Your Bank Verification Number (BVN)
5. Passport photograph (digital one)
6. Your JAMB number
7. Name and details of your guarantor
8. Proof that your parents or guardian earn less than 500,000 naira per year
All these are very important. You will need to upload them on the NELFUND portal during your application.
Step-by-Step Guide on How to Apply for the NELFUND Loan
Now, let’s break down how you can apply for the loan in simple steps:
Step 1: Visit the NELFUND website
Go to (http://www.nelf.gov.ng) using your phone, tablet, or computer. Make sure you have good internet connection.
Step 2: Click on ‘Apply Now’
Once the page loads, you will see the “Apply Now” button. Click on it to start your application.
Step 3: Create an account
If this is your first time on the website, you need to create an account. You will need your name, phone number, email address, and password. After you fill in your details, you will get a message to confirm your account.
Step 4: Login to your account
After confirming your account, login with your email and password.
Step 5: Fill in your personal details
You will see a form. Fill in your full name, date of birth, gender, phone number, email address, and home address.
Step 6: Fill in your school details
You need to provide the name of your school, your course of study, level, matric number (if you already have one), and JAMB number.
Step 7: Upload your documents
This is where you will upload your admission letter, school ID, NIN, BVN, passport photo, and proof of family income. Make sure the documents are clear and readable.
Step 8: Enter your guarantor details
You will also need to fill in the name, address, phone number, and place of work of your guarantor. This person must be someone the government can trust.
Step 9: Review your form
Before you submit, check all the information you entered. Make sure everything is correct.
Step 10: Submit your application
If everything looks good, go ahead and submit the form. You will get a message saying your application has been received.
What Happens After You Apply?
After you submit your application, the NELFUND team will check it. They will look at your documents and details. If everything is okay, they will approve your loan.
You will get a message through email or phone if your loan is approved. After that, the money will be sent to your school or bank account, depending on what the NELFUND team decides.
How Long Will It Take?
The time it takes for them to process your loan may vary. Sometimes it can take a few weeks. That is why it is good to apply early. If you wait till the last minute, you may not get the money on time.
When Do You Pay Back the Loan?
You will not pay back while you are still in school. You will only start paying back two years after you graduate. But only if you have a job or you are earning money.
If after two years you do not have a job, the government will not ask you to pay. But once you get a job and start earning, you must start paying back little by little every month.
The money will be taken from your salary, so you do not need to worry about remembering to pay.
Conclusion
The NELFUND student loan is a big help for many Nigerian students. If your parents do not have money for your school fees or other school needs, this is a good chance for you to get help. The process is easy if you follow all the steps. Remember, it is for students who really need help. Make sure you use the money for the right things.
So, if you are planning to continue your education but money is holding you back, now you know what to do. Visit the NELFUND website, follow the steps, and apply. Your education is very important, and this loan can help you achieve your dreams.
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