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Student Loan: NELFUND says all technical issues resolved on site, asks students to reapply

The management of the Nigerian Education Loan Fund (NELFUND) has advised applicants facing difficulties to reapply for the student loan, adding that all technical issues affecting the website site have been resolved.

This is contained in a statement issued by NELFUND on its X (formerly Twitter) account on Monday.

NELFUND, the body in charge of the student loan initiative, said students can either reapply or proceed with the application process on the website.

The body also added that applicants may have received an SMS text or email from the organization, advising them to reapply for the loan.

“NELFUND Student/Applicants

“If you have encountered challenges with the application process, please check back into either re-register or continue the application process.

“The technical issues have been resolved.

“You may also have received an SMS or email from NELFUND calling you to try again.

“If you are successful when you retry, please let us know. If not, please reach out to us,” the statement read.

Backstory

  • The Nigerian Education Loan Fund (NELFUND) was established under the revised Student Loan Act of 2024 to provide interest-free loans to Nigerian students pursuing higher education, vocational training, and skill development programs.
  • In an earlier statement, the managing director of the Fund, Mr. Akintunde Sawyerr, directed all students to log into the NELFUND portal via www.nelf.gov.ng and create an account using their existing credentials.
  • According to him, applicants will need to provide various documents, including their JAMB admission letter, NIN, BVN, personal details, academic information, and financial needs.
  • Sawyerr emphasized the importance of ensuring the integrity of the loan application process, stating that measures are in place to verify applicants’ eligibility and prevent fraud.
  • The organization also released step-by-step ways to apply for the loan immediately after launch in May.

What you should know

  • The revised Student Loan Act 2024 was established to remove financial barriers and make education more accessible to all Nigerian students, regardless of their economic background.
  • The primary sources of funding for NELFUND include a percentage of taxes, levies, and duties collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service, amounting to 1% of their total revenues
  • Additionally, the fund will receive contributions from the profits generated by the government’s natural resource exploitation, education bonds, endowment fund schemes, and donations from individuals and organizations.
  • The loans cover tuition, fees, and maintenance costs, The repayment process starts two years after the beneficiary completes the NYSC program.

Source: TheTimes.com.ng.

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