Nigerian students get help as education loan app go live

Since coming into office at di end of May 2023, President Bola Tinubu don carry out reforms for different sectors.

E don end fuel subsidy, devalue di naira, sack head of central bank and change security chiefs among many oda tins.

Di oda sector wey e don chook eye na wetin dey affect di higher institutions in Nigeria.

President Tinubu don try meet some of di conditions of University lecturers wey dey always go on strike e start wit di announcement of student loans.

For many years goment no dey to increase school fees for federal institutions just to encourage pipo to go school.

Despite dat, many pipo still no dey fit afford am sake of di high level of poverty in di kontri. An average Nigerian dey earn less dan $2 per day.

Dis na wetin make oga Tinubu introduce Nigerian Education Loan Fund (Nelfund) to assist children of poor pipo to fit collect loan from goment to fund dia education.

Di student loan programme na di initiative of Tinubu administration wey go make tertiary education dey more accessible for youth in Nigeria.

On Friday di Nigerian Education Loan Fund (Nelfund) open dia portal for di first batch of student loan initiatives for federal institutions.

Na only students wey be Nigeria citizen dey eligible for di loan.

Nigeria students for (federal and state university, polytechnic, college of education, or vocational school), dey eligible to apply.

On Wednesday, 3 April, President Bola Tinubu, sign into law di student loans ‘Access to Higher Education Act (Repeal and Re-Enactment) Bill, 2024’.

Nelfund na di body wey go manage di day-to-day activities of di student loan initiative.

Di new student loan initiative go make tertiary education more accessible - e go cova students tuition, accomodation, charges, cost of living and books for students in dia respective tertiary academic institutions and vocational and skills acquisition institutions for Nigeria.

Di student loan scheme na interest-free loan and di payment dey flexible afta two years of completion of National Youth Service Programme, upon wen you don start to earn income.

Wen and how you fit apply for di student loan

Dem notify di public say first batch portal go open for federal institutions on Friday bifor dem go begin launch oda institutions for di loan programme.

Dem plan to open di second portal for students of state institutions, den oda institutions go follow.

Nelfund portal no dey require any physical contact and e dey user friendly for loan applicant.

Also, di portal get oda online support to assist students wit kwensions about your citizenship, and school details during di application process.

To apply for di loan, as student you go need your admission letter, national identification number, and bank verification number.

Log into Nelfund portal and create account wit your credentials.

Documents requirement: Applicants go need di Joint Admissions and Matriculation Board (JAMB) admission letter, di National Identification Number (NIN), and dia Bank Verification Number (BVN).

Complete di application: Fill out your personal information, academic information, and financial need.

Afta dis steps you go submit your loan application for dia website. Den you go receive confirmation email wit more instructions.

How di loan dey work and repayment of loans by students.

Students wey be beneficiaries of goment scholarships dey disqualified.

Dis no be national cake, you go pay federal goment back di moni.

Dem go start to recover di loan afta two years of completion of National Youth Service Programme, wen you don dey work for paid employment.

Beneficiaries fit request extension if dem provide sworn affidavit wey indicate say dem no dey employed and dem no dey receive any income.

Any pesin wey provide false information to di NELFUND and dem find am guilty fit spend three years for prison, in accordance wit di law.

Goment don create loan forgiveness for any pesin wey die or no dey capable to pay di loan.

Na wia di Education Bank go get dia moni from?

According to di law, di bank go use di following ways to get moni wey dem go use operate.

1 % of all taxes and levies wey goment go get from Federal Inland Revenue Service, Nigeria Customs and Nigeria Immigration Service,

Education Bond,

All interests wey go come from normal deposits for di bank,

Education endowment fund schemes,

Donations, gifts and goment grants,

Oda savings and interest from di investment wey di bank make