NELFUND has started verifying and approving student loan applications. According to NELFUND, once the student's loan application is verified and approved, disbursement of the student loan follows soon. The student loan is only for students in federal government owned institutions and universities.
According to NELFUND student loan application for state owned universities will commence by June 24th, applicants in private universities and national open universities are not eligible to apply for the student loan at the moment but the student loan application might be extended to these institutions in future.
The student loan will be used to support students in universities to relieve the financial burdens on tution and other educational levies incurred by students during their course of study so that they can achieve their academic aspirations and educational pursuit.
The student loan will be repaid after two years of completing the mandatory NYSC program and the student loan is interest free. Applicants without jamb registration number and matriculation number will not be able to complete the student loan application successfully, as jamb registration number and matriculation number is an important requirement to applying for the student loan. Students enrolled in part time programmes without jamb registration number will not be eligible to receive the student loan.