NELFUND is a trending word among Nigerian higher learning institutions. NELFUND is not trending because of the wrong reason but as a hype among Nigerian students who want to take Education loans to fund their education in public universities.education
Many questions lie within many Nigerians as to what NELFUND is, how to apply for it, how to repay it back, and who is eligible for NELFUND; all these questions will be addressed for proper clarification and understanding.
What Is NELFUND?
The idea of the Nigerian Education Fund (NELFUND) came into existence in the year 2024 under the administration of President Bola Ahmed Tinubu, who signed the law to make education funds easier for Nigerian students to access.
NELFUND is not a newly crafted art in Nigeria; in fact, in 2023 an act that was similar to NELFUND, which was called the Student Loan Act, was also passed into law, but this, unlike NELFUND, crumbled within a few months due to issues like bad governance, mismanagement of the fund, and inability to recover the fund.
NELFUND, unlike any other government institution, is a legal entity on its own, which gives it full anonymity. NELFUND can be sued and can sue, hold property, and even dispose of it.
NELFUND is governed by a diffraction agency of the government, which includes the ministry of education and also an agency from the ministry of finance. The collaboration between the Ministry of Finance and the Ministry of Education has made the institution function since its establishment.
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Objective of NELFUND
Why was NELFUND created and not another government institution? Below are the reasons NELFUND was created and what it is expected to fulfill or do:
I. Support Nigerian Students Financially
NELFUND’s major objective is making sure that funds are provided for Nigerian higher learning institution students in order to pay school fees on time.
II. Reduce Dropout Rates
Dropout rates in most universities are not basically because of bad academic performance but sometimes can be largely attributed to the inability to pay school fees, which can hinder students from doing necessary registration.
III. Promote Inclusive acess to HigherAccess Learning
NELFUND is making it easier for students to finance their higher learning through its loan that is made for eligible students across Nigeria; this act has prompted an inclusive access to higher learning for most Nigerians.
Who is Eligible for NELFUND?
When NELFUND is for public use, requirements are still needed to vet the most appropriate person to be given the loan. Some of the requirements are
I. You Must Be Nigerian
Other citizen from another are not eligible for NELFUND,it is for only Nigerian citizen which is by birth or acquired through legal status standing.
ii. Students in Tertiary Public Institutions
A debate surface only that is NELFUND also available for private universities,the answer is no currently the NELFUND are only for student who study in public universities across Nigeria.
Private Universities students will not be able to acess NELFUND. The debate is on wether private Universities should be included.
III.Criteria
Applicants for NELFUND must atleast be 18 years of age, possess a valid NIN document,must have BVN and also participate for NYSC in some instances
Application Process for NELFUND
● NELFUND is a fully online portal registration; that means to apply for NELFUND, you have to do it online.
● Required documents include a complete application form, which is online; an acceptance letter; a national identification card; and BVN details.
● It takes approximately or close to three weeks before the request for the loan should be granted, and it will take another 30 days to process the fund.
NELFUND Loan Features
● NELFUND is interest-free; you are not charged any interest on NELFUND despite you having to pay after you finish school.
● Repayment starts after NYSC or when you secure a job.
● NELFUND repayment is so flexible that it won’t bring hardship on you or your salary.
How to Apply for NELFUND: Step-by-Step Guide
● Go to the NELFUND official portal at https://nelf.gov.ng/ on your browser; it is best you use Chrome for a better and faster experience.
● Start the application process by clicking on the Apply Now button that is displayed on the homepage of the website.
● Begin registration by selecting “Get Started” in order to start your application process.
● Confirm your eligibility by selecting Yes, I am Nigerian. This is to confirm your citizenship.
● Your institution has to submit your name, and to check this, enter your matriculation number; this will bring out your name of sucessful.if successful.
● Then the next thing is to process it with JAMB by providing your JAMB details. Your JAMB must be linked to your NIN, or you might have to input your NIN for validation.
● After this is the online application; the above is to verify details.
● Create your Account by inputting your Email account and also set a password for it then click create account.
● After creating your account,go back to the NELFUND portal,then input your details that you just created by inputting the same email and the password,this will give your acess to your account.
● Update your personal information by providing contact details,residential home address,state and local government of residence,save it then proceed to update your educational details.
● Update your Educational details by selecting your University from the list of University,after selecting your University input your matriculation number,save and proceed to account Details.
● Update your account details by providing your BVN, scroll on the list and choose your own bank,then input your account details and save it to make sure it is saved.
● You can go back to the homepage again to apply for Student loan, click on request for student loan button at the top right corner after logging in.
● Select the type of loan you want to apply for,there are loans for tuition fee and for up
keeping, select the one you like to apply for then proceed.
● The next step is uploading relevant document needed to approval,upload your acceptance letter to confirm your legitimacy.
● Scroll and check through the terms and Conditions,after reading it through,click submit application to complete the loan process.
● You can keep tab on the loan approval status by clicking on loans section to view the status of the loan you applied for.
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Benefit of NELFUND to Nigerian students
● Reduces financial burden
NELFUND reduces Nigerian students’ financial burden by giving them access to finances for upkeep and for paying tuition fees.
● Encourage School Completion
NELFUND helps reduce the in-school dropout rate due to finances and thus in effect has helped many students to complete their schooling.
● Promote National Development
NELFUND helps promote national development by helping citizens get access to education, and this raises the level of educated people in the community and country at large, and this will have a positive change in the development of Nigeria.
FAQs about NELFUND
● Can Private Schools Apply?
Private universities can’t apply for NELFUND, as it is exclusively for public universities.
● Is there a maximum amount per student?
Based on sources, there is no maximum amount, but it can be limited to how much a student tuition fee costs.
● What if I can’t repay the REFUND on time?
There is absolutely plenty of time before you can start paying back your loan; however, if you are unable to repay it, there might be penalties, which are currently disclosed.
Conclusion
NELFUND is doing great considering the period of time the act was enacted and while it was functioning.
NELFUND has helped reduce dropouts and increased student finance without burdening them with interest, and NELFUND on this path will help shape Nigeria’s tertiary learning institutions in years to come.
When we commend NELFUND, it can be faced with different challenges like funding sustainability, repayment problems, and institutional bottlenecks.
