Step by Step Guide on How to Apply for Student Loan in 2024

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Getting financial help for school can feel overwhelming, but the new Nigerian Student Loan Scheme, which started on May 24, 2024, is here to make things easier.

This loan is designed to help Nigerian students like you cover the costs of higher education and make your dreams of studying a reality.

If you’re unsure about how to apply for this loan, don’t worry. This guide will walk you through each step of the application process in a straightforward way.

We’ll cover everything you need to know—from checking if you’re eligible to completing your application. Keep reading to find out how you can take advantage of this opportunity and get the support you need for your studies.

Eligibility Requirements on How to Apply for The Student Loan

For interested applicants, below are the eligibility requirements to apply student loan: 

  1. Interested candidates must be students of Relevant Nigerian Public tertiary institutions (University, Polytechnic, Vocational school or College of Education).
  2. Interested candidates must ensure that their data has been uploaded on the Nigeria Education loan Fund (NELFUND) by their respective institutions before applying. 
  3. Applicants must be Nigerian citizens.
  4. Interested applicants must not have defaulted any previous loans.
  5. Interested applicants must be of good conduct and must not have been involved in exam malpractices or drug offences

Required Documents for The Student Loan

In other to apply for the student’s, some documents are required which includes: 

  1. National Identity Number (NIN) 
  2. Bank Verification Number (BVN)
  3. Admission letter from the Joint Admission and Matriculation Board (JAMB) 

Important Information for Successful Application

  1. Be sure to apply early as those who apply early may be considered first.
  2. When applying be sure to apply correctly by following all instructions. 
  3. Make sure to always follow up after applying. 

Benefits of the Student Loan

Below are the benefits of federal government student loan: 

  1. The payment of the student loan starts two years after NYSC
  2. The loan provides equal access to higher education for all eligible candidates 
  3. The loan is interest free 
  4. The loan application will empower Nigerian students to pursue their academic goals. 

How to Apply for The Federal Government Student Loan

Below is a detailed step by step breakdown on how to apply for the Federal Government Student Loan: 

  1. Account creation: 
  • Click on “Apply Now” and then get started.
  • Click on “Get Started” 
  • The next step is to answer the questions on the page by clicking “ Yes, I am a Nigerian”
  • Next is to verify your educational qualification. 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. 
  • The next step is to 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 validations).
  • The next step is to create an account by entering your email address, password and confirm password in the fields provided and click on “Create account” 
  • Click on the email verification link sent to your email. 
  1. Profile completion: After successfully registering, log in by clicking the “LOGIN” button. 
  • Enter your email address and password to login.
  • Click on the “proceed to contact details” button.
  • The next step is to update contact details with your current phone number, full residential address, state of residence, and local government area of residence.
  • Next is to update your educational qualifications by selecting your higher institution and inputting your matriculation number. After doing that, click on “Proceed to Account details”
  • The next step is to verify your BVN, you can do this by selecting your bank name, entering your account number and entering your BVN. After which, click on “Save changes” to complete profile. 
  1. Loan application: 
  • Click on the “Request for student loan” button which is at the top right of the screen on the home 
  • If you want an upkeep loan, click the check box, and click continue, if everything you need is the institutional charge, click the “Continue” button.
  • The next step is to upload supporting documents like admission letter which is compulsory. Click the check box for the policy and declaration and click “Continue”
  • Read the loan overview and click the checkboxes for the terms and conditions as well as GSI Mandate then click “Submit Application)
  • Lastly click on the “Loans” button to view the status of your application. 

Conclusion 

In this article, we have provided a detailed step by step guide on how to apply for the federal government student loan as well as benefits of the loan, documents required for the loan , important information on how to have a successful application and its eligibility requirements. We hope that you have found this article helpful. 

You can Read Our Other helpful articles On:

How to Apply for 2024 MTN Scholarship For Undergraduate 

Or

Fully Funded Scholarships for Nigerian Undergraduate Students

 

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