The Federal Government has announced that the portal for student loan applications will officially open on Friday, May 24, 2024.
This information was disclosed on Thursday by the management of the Nigerian Education Loan Fund (NELFUND) in a statement from Nasir Ayitogo, NELFUND’s Media and Public Relations Lead.
The statement further highlighted that the portal, designed with a user-friendly interface, allows students to submit their loan applications easily and access financial support for their academic pursuits. The portal can be accessed at http://nelf.gov.ng.
The website was inaccessible as of 10pm on Thursday.
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 all Nigerian students and youths.
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.
It removed the family income threshold, allowing all Nigerian students to apply for these loans and take responsibility for repayment.
The guarantor requirement was also removed, so students can receive loans subject only to NELFUND’s application and identity verification guidelines. This change ensures that students are no longer disqualified based on their parent’s loan history.
Regarding the repayment of loans by beneficiaries, the Student Loan Act stipulates that the Fund will not initiate loan recovery efforts until two years after the completion of the National Youth Service Programme.
A beneficiary may request an extension of enforcement action by providing a sworn affidavit indicating they are not employed and have no income. Anyone who provides a false statement to the Fund under this section is guilty of a felony and liable to imprisonment for three years.
Additionally, 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.