The Nigerian Education Loan Fund (NELFUND) has outlined a structured process for student loan applications. This ensures transparency and efficiency, requiring active participation from students, institutions, and NELFUND itself. Below is a detailed step-by-step breakdown of the process:
Step 1. Data Submission by Institutions
Institutions are tasked with providing NELFUND with complete and accurate student data. This includes matriculation numbers, course details, academic levels, and tuition fees. The data is uploaded onto the NELFUND Student Verification System (SVS).
Step 2. Informing Students About Loan Readiness
Both NELFUND and institutions notify students about their eligibility for loans through awareness campaigns and direct communication channels.
Step 3. Student Loan Application
Interested students submit their applications via the NELFUND portal (www.nelf.gov.ng). Applicants must provide their JAMB number, NIN, BVN, and matriculation number to proceed.
Step 4. Application Processing by NELFUND
NELFUND reviews each application, verifying the details provided. Only those who meet the criteria are approved.
Step 5. Approval Notification to Institutions
Once applications are processed, NELFUND compiles a list of approved student loans and shares it with the respective institutions for further verification.
Step 6. Institutional Verification
Institutions authenticate the student information and loan approvals. The verified lists are signed off by authorised personnel and returned to NELFUND.
Step 7. Disbursement of Institutional Fees
Upon receiving the verified lists, NELFUND disburses the approved institutional fees directly to the institutions on behalf of the students.
This coordinated approach ensures smooth access to student loans, enabling more students to pursue higher education without financial hindrance. Institutions, students, and NELFUND must consistently play their roles to maintain the system’s integrity.
Read Also: NELFUND Student Loan Application
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