Criteria for Accessing Student Loans:
To access student loans through the Nigerian Education Loan Fund (NELFUND) portal, candidates will need to provide the following information and meet certain criteria:
- Unified Tertiary Matriculation Examination (UTME) Registration Number: Applicants must have a valid UTME registration number to apply for the student loans.
- National Identification Number (NIN): Candidates are required to provide their National Identification Number as part of the application process.
- Bank Verification Number (BVN): The application may also require applicants to provide their Bank Verification Number for verification purposes.
- No Family Income Threshold: The revised Student Loan Act removes the family income threshold, allowing all Nigerian students to apply for loans regardless of their family’s income level.
- Guarantor Requirement Removal: Unlike previous requirements, students can now receive loans without needing a guarantor, subject only to NELFUND’s application and identity verification guidelines.
- Repayment Terms: The Fund will initiate loan recovery efforts two years after the completion of the National Youth Service Programme. Beneficiaries facing financial challenges can request an extension by providing a sworn affidavit indicating their employment status.
- Loan Forgiveness: In cases of extreme circumstances such as death or inability to repay due to acts of God, provisions for loan forgiveness are included in the Act.
