Dos and Don'ts While Applying for the Student Loan Initiative

It is important to share with you some questions and dos and don'ts while processing or applying for a student loan that was opened today. Here are some of these questions and answers:

The Student Loan Initiative is a program established by the Federal Government of Nigeria to break financial barriers in higher education. Through the provision of interest-free loans, we are fundamentally reshaping the educational landscape.

Under what circumstances would NELFUND deny an application?

if such an applicant is: Proven to have defaulted in respect of any previous loan granted by any license financial institution; Found guilty of submitting fake/fraudulent documents and dismissed for exam malpractices by any school authority; and Convicted of fraud and forgery, drug offences, cultism, felony, or any offences involving dishonesty;

Are there any documents to upload during the application process?

Yes. Scanned admission letter for new students (compulsory), scanned Student Identification Card (optional).

Is there any appeal process when an application is denied?

A complaint can be raised from the portal, or you can send an email to the NELFUND

What are the consequences of defaulting on the loan?

Deliberate default could result in penalties, legal action, and potential damage to your credit score.