FG to Open Student Loan Portal for Applications This Month | Check Post for More Details
FG to Release Student Loan Portal This Month
Are you a Nigerian student in need of financial assistance to pursue your higher education? If yes, then you are in luck. The Federal Government of Nigeria has announced that it will launch the Student Loan Scheme on February 21, 2024, and open the portal for applications on the same day. Continue Reading...
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The Student Loan Scheme is a landmark initiative by the Bola Tinubu administration to provide interest-free loans to Nigerian students in any tertiary institution in the country. The scheme is aimed at ensuring that no Nigerian student is denied access to quality education due to lack of funds.
The scheme is a fulfilment of President Tinubu’s election promise in 2023, when he pledged to implement a student loan scheme that will enable indigent students to continue their education without interruption. He signed the Access to Higher Education Act, 2023 into law on June 12, 2023, which established the legal framework for the scheme and the Nigerian Education Loan Fund (NELFUND), the agency responsible for managing the loan requests, disbursement, and recovery.
The scheme is open to all Nigerian students who meet the eligibility criteria, which include:
- Being a Nigerian citizen with a valid National Identification Number (NIN) and Bank Verification Number (BVN).
- Being enrolled in an accredited tertiary institution in Nigeria, with a valid Joint Admissions and Matriculation Board (JAMB) number.
- Having a guarantor who is either a civil servant of not less than grade level 12, or a reputable member of the society, such as a religious leader, traditional ruler, or community leader.
- Having a good academic record and not being involved in any disciplinary case.
The loan amount will vary depending on the course of study, level of study, and duration of study. The loan will cover tuition fees, accommodation fees, books and materials, and living expenses. The loan will be disbursed directly to the student’s bank account in instalments, according to the academic calendar.
The loan repayment will commence within two years of earning an income after completing the National Youth Service Corps (NYSC) programme. The repayment period will range from five to 15 years, depending on the loan amount and the income level of the borrower. The repayment will be deducted automatically from the borrower’s salary or income through the Remita platform.
The application process for the loan will be fully online, through the website and mobile app that will be unveiled by President Tinubu on February 21. The applicants will be required to provide their personal data, academic data, guarantor’s data, and bank details. The applicants will also be required to upload their passport photograph, admission letter, school identity card, and guarantor’s identity card.
The NELFUND will verify the information provided by the applicants and conduct a credit check on the guarantors. The NELFUND will also liaise with the tertiary institutions to confirm the enrolment and academic status of the applicants. The NELFUND will notify the applicants of the outcome of their applications within 30 days.
The Student Loan Scheme is a great opportunity for Nigerian students to access quality education without financial constraints. It is also a demonstration of the commitment of the Tinubu government to invest in the human capital development of the country. The scheme is expected to benefit millions of Nigerian students and contribute to the socio-economic growth of the nation.
The Student Loan Scheme is a golden chance for you to achieve your academic dreams and secure your future. Don’t miss it! Apply now and share this information with your friends and family who may also benefit from it. Together, we can make Nigeria a better place for all.
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