May 24, (THEWILL)- Applicants for the student loan scheme will have their funds disbursed within 30 days of approval of successful applications, the Nigerian Education Loan Fund (NELFUND) has assured, as the scheme commenced on Friday, May 24.
The website (www.nelf.gov.ng), which went live at midnight Friday, is expected to benefit 1.2 million students from federal government-owned universities, polytechnics, colleges of education and technical colleges in the first phase of the scheme, while those of state-owned tertiary institutions will be announced in due course.
In a Frequently Asked Questions posted on NELFUND official X handle, the Fund said part-time students and Direct Entry students without JAMB registration numbers are ineligible to apply.
While revealing that the zero-interest loan is open to new and existing full-time students in tertiary institutions, the agency said applicants are required to input specific personal details that include: name of institution of study, admission number, JAMB Number, Date of Birth, National Identity Number (NIN), as well as Bank Verification Number (BVN).
They are also expected to upload scanned admission letters for new students as well as student identification cards.
“All full-time students are eligible for the loan but only applicants will benefit from the loan. NELFUND will disburse within 30 days of approval of successful applications”, it said.
On how the loan repayment process works, NELFUND said, “10 percent of the beneficiary’s salary will be deducted at source by the employer. Self-employed beneficiaries are required to remit 10 percent of their monthly profit to the Fund. You are at liberty to seek to repay beyond the statutory 10 percent monthly repayment by your employers/by self if you are self-employed.”
About the Author
