NELFUND Lists Requirements to Apply For Students Loan

The Nigerian Education Loan Fund (NELFUND) has listed the key requirements for accessing student loans.

These include the Unified Tertiary Matriculation Examination (UTME) registration number, National Identification Number (NIN), and Bank Verification Number (BVN).

NELFUND’s managing director, Akintunde Sawyerr, made the announcement during an interactive session with the Education Writers Association of Nigeria (EWAN) members in Lagos.

Approximately 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centers will be among the first beneficiaries.

The loan scheme will be funded with 1 per cent of the revenue generated by the Federal Inland Revenue Service annually.

Disbursement will occur in two segments: the school fee paid directly to the institution on behalf of the student, and a stipend deposited directly into the student’s account.

Financially independent undergraduates seeking educational loans can apply through a specially designed website, providing their matriculation details.

Beneficiaries will begin repaying the loans once they secure jobs or establish businesses.