The Much-awaited Nigeria’s education loan scheme commenced on Friday.

The managing director/chief executive officer of the Nigeria Education Loan Fund, Akintunde Sawyerr, recently announced that the launch portal will be on Friday, May 24, 2024.

According to NELFUND, the scheme’s first phase will include 1.2 million federal higher institution students.

He stressed that the next phase will include students from State universities in Nigeria.

Sawyerr said the requirements to apply for the loan include an admission letter from the Joint Admissions and Matriculation Board, a National Identity Number, a Bank Verification Number, and completed application forms from its website.

Meanwhile, students in private universities have kicked against exclusion from the scheme.

Below are the steps to follow:

How to Apply for Student Loan

Step 1: visit nelf.gov.ng

Step 2: Click on the “Apply Now”

Step 3: Click on “Get Started”

Step 4: Answer the questions on this page to continue by clicking on “Yes, I am a Nigerian”

Step 5: Verify your educational information. To check if your school has uploaded your details, select your school from a dropdown menu and provide your matric number.

Step 6: Click the “Verify with JAMB” and enter your JAMB details on the screen.

(Students whose NIN has not been registered with JAMB will have an input field where they can enter their NIN for validation.)

Step 7: Create an account by entering your email address and password. Confirm the password in the fields provided and click “Create Account.”

Step 8: Click the email verification link sent to your email. This concludes the process of creating an account.

HOW TO COMPLETE YOUR PROFILE

After successful registration, log in by clicking the “LOGIN” button.

Step 1: Enter your email address and password to “LOGIN”.

Step 2: Click on the “Proceed to Contact Details” button.

Step 3: Update contact details with the current information of your phone number, full residential address, state of residence and local government area of residence. Then click “Proceed to Educational Details.”

Step 4: Update your educational details by selecting your higher Institution and inputting your matric number. Then click “Proceed to Account Details.”

Step 5: Verify your BVN by entering it, selecting your bank name, and entering your account number. Click “save changes” to complete your profile.

LOAN APPLICATION

Step 1: After logging into the application, Click the “Request for student loan” button at the top right of the home or loans page screen.

Step 2: If you want an upkeep loan, click the check box and click *continue,” if all you need is the institutional charge, click the “Continue” button.

Step 3: Upload supporting documents. The admission letter is compulsory, but the student ID and institution invoice are optional.

Click the checkbox for the policy and declaration and click “continue.”

Step 4: Read the loan overview and click the checkboxes for both the terms & conditions and GSI Mandate, then click “Submit Application”

Step 5: Click on the “loans” button to view the status of your application.