How To Apply For Student Loan In Nigeria

The Student Loan Initiative is a program established by the Federal Government of Nigeria to break financial barriers in higher education. In Nigeria, student loans are aimed at assisting students in covering the costs of higher education through the provision of interest-free loans,we are fundamentally reshaping the educational landscape.

These loans are relatively new compared to other countries and are primarily facilitated through government initiatives and a few private lenders. The Nigerian government passed the Student Loan (Access to Higher Education) Act in 2023. It is available to all eligible Nigerian students pursuing higher education at public institutions. It would also interest you to know that it covers tuition and other educational expenses, he loan is interest-free. In addition, for the aspect of repayment it’s begins two years after the completion of the National Youth Service Corps (NYSC) program and spans a period of five to seven years.

Understanding the various funding options available for higher education in Nigeria is essential for making informed financial decisions. It is advisable for students and their families to explore all available options, including loans, scholarships, and grants, to ensure they choose the best solution for their educational needs.

HOW TO REGISTER FOR STUDENT LOAN

CREATING AN ACCOUNT

Step 1: visit nelf.gov.ng

Step 2: Click on the “Apply Now”

Step 3: Click on “Get Started”

Step 4: Answer the questions on this page to continue by clicking on “Yes, I am a Nigerian”

Step 5: Verify your educational information. You would be required to select your school from a dropdown and provide your matric number to check if your school has uploaded your details.

Step 6: Click the “Verify with JAMB” and enter your JAMB details in the screen.(Students whose NIN has not been registered with JAMB will have an input field where they can enter their NIN for validation.)

Step 7: Create an account by entering your Email address, Password and Confirm Password in the fields provided and click “Create Account”.

Step 8: Click the email verification link sent to your email. This concludes the process of creating an account.

HOW TO COMPLETE YOUR PROFILE

After successful registration, log in by clicking the “LOGIN” button.

Step 1: Enter your email address and password to Login.

Step 2: Click on the “Proceed to Contact Details” button.

Step 3: Update contact details with the current information of your Phone Number, Full Residential Address, State of Residence and Local Government Area of Residence and click “Proceed to Educational Details”.

Step 4: Update your educational details by selecting your Higher Institution and inputting your Matric Number, then click “Proceed to Account Details”.

Step 5: Verify your BVN by entering your BVN, select your Bank Name and enter your Account Number. Click “Save Changes” to complete your profile.

LOAN APPLICATION

Step 1: Click on the “Request for Student Loan” button at the top right of the screen on the home or loans page after logging into the application.

Step 2: If you want an upkeep loan, click the check box, and click Continue, if all you need is the institutional charge, click the “Continue” button.

Step 3: Upload supporting documents. The admission letter is compulsory which the Student ID and Institution Invoice are optional.Click the checkbox for the policy and declaration and click “Continue”

Step 4: Read the loan overview and click the check boxes for both the Terms & Conditions and GSI Mandate then click “Submit Application”.

Step 5: Click on the “Loans” button to view the status of your application.

Conclusion

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