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Saturday, June 22, 2024

How to Apply for Federal Government Student Loan in Nigeria

The Nigerian Education Loan Fund (NELFUND) has announced the call for applications for the Federal Government Student Loan Program 2024.

The Federal Government Student Loan is a financial assistance program that is designed to help Nigerian students afford the cost of tertiary education. The scheme provides loans to qualified Nigerians for tuition, fees, charges, and upkeep during their studies in approved tertiary academic institutions and vocational and skills acquisition institutions in Nigeria.

In this article, we will delve into the details of the federal government student loan as well as the step-by-step guide on how to apply for the funds as a Nigerian student.

Although the Federal Government Student Loan is open to students of Nigerian tertiary institutions, certain criteria have to be met before you can be eligible to apply;

What are the Requirements for the Federal Government Students Loan in Nigeria?

To apply for the Federal Government Student Loan, you must meet the following eligibility criteria: 

  • As expected, you have to be Nigerian student to apply
  • You must also not have defaulted on any previous loans or been found guilty of exam malpractice, felony, or drug offenses.
  • For the first stage of the scheme, only students from federal institutions (universities, polytechnics, and colleges) are eligible to apply.

Once you have met the eligibility criteria, you can now proceed to the NELFUND website to apply for the loan by submitting the required documents.

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Why You Should Apply for the Federal Government Student Loan

The following are the reasons you should apply for the 2024 Federal Government Student Loan;

  • The loan is interest-free.
  • The scheme is aimed at empowering Nigerians to pursue their academic aspirations.
  • The loan scheme will reduce financial stress on students and families.
  • Equal access to higher education for all eligible candidates.
  • The application process is simple and easy; you can finish within 15-30 minutes
  • The payment of student loan begins two years after NYSC


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How to apply for Federal Government Student Loan in Nigeria:

Here is a step-by-step guide on how to apply for the Federal Government Student Loan in Nigeria:


  • visit the Nigerian Education Loan Fund website.
  • Click on the “Apply Now”
  • Click on “Get Started”
  • Answer the questions on this page continue, by clicking on “Yes, I am a Nigerian”
  • Verify your educational information. You would be required to select your school from a dropdown and provide your matric number to check if your school has uploaded your details.
  • Click the “Verify with JAMB” and enter your JAMB details on the screen.
  • Create an account by entering your Email address, Password and Confirm Password in the fields provided and click “Create Account”.
  • Click the email verification link sent to your email.


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

  • Enter your email address and password to Login.
  • Click on the “Proceed to Contact Details” button.
  • Update contact details with your current Phone Number, Full Residential Address, State of Residence, and Local Government Area of Residence.
  • Update your educational details by selecting your Higher Institution and inputting your Matric Number, then click “Proceed to Account Details”
  • Verify your BVN by entering your BVN, select your Bank Name, and enter your Account Number. Click “Save Changes” to complete your profile.

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  • Click on the “Request for Student Loan” button at the top right of the screen on the home or loans page after logging into the application.
  • 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.
  • Upload supporting documents (Student ID Card and Admission Letter).
  • The admission letter is compulsory while the Student ID and Institution Invoice are optional.
    Click the checkbox for the policy and declaration and click “Continue”
  • Read the loan overview and click the checkboxes for both the Terms & Conditions and GSI Mandate then click “Submit Application”

Frequently Asked Questions (FAQs) About Federal Government Student Loan

Are there any documents to upload during the application process?
  • Yes. The two documents required are; Scanned admission letter for new students (compulsory), and scanned Student Identification Card (optional).
Do I need a guarantor to apply for the loan?
  • No, the student loan has no requirement for a guarantor.
When is the loan due for repayment?
  • The loan is due for repayment 2 years after the completion of NYSC.
What if I don’t get a job after two years post-NYSC?
  • You will need to notify NELFUND by sworn court affidavit every 3 (three) months after two years post-NYSC if you are still unable to gain employment.
How will the loan be repaid?
  • Two years after your NYSC, ten percent (10%) of the your salary will be deducted and debited to the fund by the employer. If you are self-employed , you are required to remit 10% of your monthly profit to the Fund.
What are the consequences of defaulting on the loan?
  • Deliberate default could result in a three-year jail term, legal action, and potential damage to your credit score.

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