Student Loan in Nigeria 2024/2025
It is very important Announcement for Nigerian students to know that “President of Nigeria, Bola Ahmed Tinubu, on Wednesday, April 3, 2024, signed into law the Student Loans also known as (Access to Higher institution) Act, 2024.
Student loan, Act, 2024.
For more understanding
In this article, we discussed about how to apply and requirements needed for a student loan in Nigeria. This will help all students in Nigeria who want to continue their higher institution but cannot due to financial issues. We will give you informinati0n to know more about it ,and solution for it .
What is Student Loan:
Student loan [Access to higher institution ] the act was taken by the president of Nigeria ,this is a loan that the federal government of Nigeria agreed to provide to students in Nigeria, who want to pursue their higher institution or functional skill development through an approved body called NELFUND7
Types of Student Loans
There are two primary student loan types: private and federal. Both types can help reduce financial anxieties and build your credit score, but differ in a few distinct ways.
Federal Student Loans:
Student loans from the federal government offer many advantages, such as fixed interest rates. Federal student loans also offer more flexible repayment plans and access to loan forgiveness programs under certain conditions.
Typically, the amount you can borrow each year depends on your education level and status as a dependent or independent student. Yearly loan limits can vary from $5,500-$12,500 for undergraduates. Loan limits for graduate students can reach up to $20,000.
Private Student Loans:
Private loans usually come from banks or other private companies and often end up costing more than federal loans due to interest rates. They can also require students to start making repayments while still in school. Most students only apply for private loans after maxing out their federal financial aid.
Before committing to one, consider the costs associated with private student loans. You will need to pay a lender fee to the vendor, who may not allow you much freedom in choosing a loan repayment plan, and the terms for repayment vary by vendor.
Additionally, private loans are often unsubsidized and may come with an annual cap, limiting the amount of aid available. Interest rates for private loans are also variable. Your credit history, along with your cosigner’s, can affect all of these factors — especially the interest rate.
Nigeria Education Loan Fund (NELFUND)
The Nigeria Education Loan Fund (NELFUND) is a corporate body established by the Federal Government of Nigeria. To regulate, monitor, and maintain the Nigerian student loan fund and it’s disbursement.
What’s this guide about?
- This guide explains how an application for student finance for undergraduate full-time, part-time and Initial Teacher Training (ITT) students will be assessed and paid. It provides guidance only and doesn’t cover every circumstance.
- This guide applies to you if you normally live in Nigeria and are starting or continuing a higher education course, anywhere in the Nigeria in 2024 to 2025.
- The legal position is as set out in The Education , The Nigeria Education Loan Fund (NELFUND)
- Depending on your circumstances, your course and where you study, you may be able to get a range of financial help and support.
- You could get grants and bursaries (which you don’t have to pay back) and loans (which you do). There’s also extra help if you have children or adult dependants, or a disability, including a long-term health condition, mental-health condition or a specific learning difficulty, such as dyslexia.
- Undergraduates currently studying at a higher institution can apply, must have an acceptable academic performance.
- NELFUND will perform some verification of the personal data you provided, Make sure you provided a valid and functional national identification number (NIN), bank verification number (BVN), and JAMB number.
How to apply for a Student loan in Nigeria
- Visit the NELFUND board and apply for the loan.
- Fill and submit the requirement to NELFUND team for review.
- When the application is approved, you will be notified of it’s success.
How to repay the loan.
The Fund shall not initiate loan recovery efforts until two years after the applicant has completed the National Youth Service Program. It is expected that the beneficiary will have secured a good job and can initiate repayment.
Conclusion
This article discussed the student loan in Nigeria and included everything students need to know about the loan, from it’s meaning, requirements, purpose, application, and repayment. Take advantage of this loan to pursue your high school education.
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