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:

Private Student Loans:

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?

1. 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.
2. 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.
3. The legal position is as set out in The Education , The Nigeria  Education Loan Fund (NELFUND)
4. Depending on your circumstances, your course and where you study, you may be able to get a range of financial help and support.
5. 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.
6. Undergraduates currently studying at a higher institution can apply, must have an acceptable academic performance.
7. 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

1. Visit the NELFUND board and apply for the loan.
2. Fill and submit the requirement to NELFUND team for review.
3. 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.