NELFUND Student Loan On-boards 12 Additional Institutions

The Nigerian Education Loan Fund (NELFUND) has announced the inclusion of 12 additional state-owned tertiary institutions in its student loan scheme. This development aims to provide financial support to more students pursuing higher education in Nigeria.

In a press statement on July 10, 2024, The Management of the Nigerian Education Loan Fund (NELFUND) announced that Twelve (12) More State Government-Owned Tertiary Institutions have successfully Submitted Student Data to the NELFUND portal. The statement was made available on the fund’s Facebook platform

The Management of Nigerian Education Loan Fund (NELFUND) is delighted to announce the onboarding of an additional twelve (12) state government-owned tertiary institutions to the student loan application portal.

This expansion comes following the successful submission and verification of data completeness and accuracy required from the institutions.

With this latest addition, the total number of participating state government-owned tertiary institutions has now increased from the initial 36 announced earlier to 48. Students data from 121 institutions is outstanding.

Newly Onboarded Institutions

1. Abia State Polytechnic
2. Benue State University, Makurdi
3. College of Education, Waka-Biu
4. Edo State University, Uzairue
5. Ekiti State University, Ado-Ekiti
6. University of Medical and Applied Sciences, Enugu State
7. Aliko Dangote University of Science and Technology, Wudil, Kano State
8. Gombe State University
9. Kwara State Polytechnic
10. Kingsley Ozumba Mbadiwe University, Imo State
11. Lagos State University of Science and Technology
12. Imo State University of Agriculture and Environmental Sciences, Umuagwo

This expansion brings the total number of participating institutions to 48, offering more students access to the loan scheme. NELFUND's commitment to supporting education in Nigeria is evident in this move. See the earlier list here!

The Fund also urged all institutions that are yet to submit their student's data to the Student Verification Portal (SVS) of the fund to kindly do so to enable their students to benefit from the loan scheme.

Students of these additional institutions can now apply for the loan scheme, which offers a flexible repayment plan and a competitive interest rate. This initiative is expected to have a positive impact on the educational landscape in Nigeria.

For more information and to apply, visit the NELFUND website

Related: NELFUND Student Loan: All You Need to Know Before Applying

FAQs

Under what circumstances would NELFUND deny an application?

NELFUND may deny an application if the applicant: Has defaulted on a previous loan from any licensed financial institution. Submitted fake or fraudulent documents or was dismissed for exam malpractices by a school authority. Has been convicted of fraud, forgery, drug offences, cultism, felony, or any offences involving dishonesty.

Is there an appeal process if an application is denied?

Applicants can raise a complaint through the portal or send an email to NELFUND.

What are the consequences of defaulting on the loan?

Deliberate default could lead to penalties, legal action, and potential damage to the borrower’s credit score.

Do students require a guarantor to access the loan?

No, NELFUND loans do not require a guarantor.

How do I repay when relocating abroad?

Borrowers will have to contact NELFUND and sign an agreement for repayment modalities.

How does the loan repayment process work?

Ten percent (10%) of the beneficiary’s salary is deducted at source by the employer. Self-employed beneficiaries remit 10% of their monthly profit to the Fund. Borrowers can choose to repay beyond the statutory 10% if self-employed.

What if a beneficiary remains unemployed after two years post-NYSC?

The beneficiary should notify NELFUND by sworn court affidavit every 3 months after two years post-NYSC if still unable to gain employment.

When is the loan due for repayment?

The loan is due for repayment 2 years after completing the National Youth Service Corps (NYSC