Explore the NELFUND student loan program, offering financial support for Nigerian students pursuing higher education and vocational training. Learn about eligibility criteria, application procedures, and key requirements under the newly revised Student Loan Act.
In a significant stride towards facilitating access to higher education, the Federal Government has announced the forthcoming opening of the student loan application portal on Friday, May 24, 2024. Managed by the Nigerian Education Loan Fund (NELFUND), this initiative aims to empower Nigerian students by providing financial assistance for their academic pursuits. Here's everything you need to know about this transformative program and its key provisions:
- Official Opening Date: The Federal Government has announced that the student loan application portal will officially open on Friday, May 24, 2024.
- Portal Accessibility: Managed by the Nigerian Education Loan Fund (NELFUND), the portal is designed with a user-friendly interface to facilitate easy submission of loan applications by students. It can be accessed at http://nelf.gov.ng.
- Revised Legislation: In April 2024, President Bola Tinubu signed the newly revised Student Loan Bill into law, repealing the 2023 legislation. The 2024 Student Loan Act aims to ensure sustainable higher education and functional skill development for Nigerian students and youths.
- Loan Fund Establishment: The Act established the Nigeria Education Loan Fund (NELFUND) to provide loans for tuition, fees, and upkeep at recognized higher education and vocational training institutions within Nigeria.
- Key Changes: The Act removed the family income threshold and guarantor requirement, allowing all Nigerian students to apply for loans and take responsibility for repayment. Loans will be disbursed subject only to NELFUND’s application and identity verification guidelines.
- Repayment Guidelines: Repayment of loans by beneficiaries will commence two years after the completion of the National Youth Service Programme. Beneficiaries may request an extension of enforcement action by providing an affidavit indicating unemployment and no income.
- Loan Forgiveness: The Act includes provisions for loan forgiveness in the event of the borrower’s death or other acts of God that cause an inability to repay.
- Penalties for False Statements: Providing false statements to the Fund is considered a felony and is punishable by imprisonment for three years.
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