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Below is a comprehensive outline of the student loan application and disbursement process, highlighting the responsibilities of NELFUND, the educational institutions, and the students involved.
Data Submission by Institutions:
Each institution must submit complete, accurate, and detailed student information to NELFUND for upload onto the NELFUND Student Verification System (SVS). This data includes matriculation numbers, JAMB details, course of study, academic level, and the institution’s fee structure.
Notification of Application Readiness:
NELFUND and the institutions collaborate to inform students of their eligibility for the student loan. This is done through awareness campaigns and direct communication to ensure all eligible students are aware of the opportunity.
3. Student Loan Application:
Interested students submit their loan applications via the NELFUND portal (www.nelf.gov.ng). During the application, students must provide essential details such as their JAMB number, NIN, BVN, and matriculation number.
4. Application Processing by NELFUND:
Once applications are received, NELFUND verifies the submitted information. Only those applications that meet the eligibility criteria are approved.
5. Approval Notification to Institutions:
NELFUND compiles a list of approved student loans and forwards it to the respective institutions for further verification.
6. Institutional Verification:
The institutions review the list of approved loans, confirming the accuracy and authenticity of the student information and loan approvals. Once verified, the list is signed off by the institution’s authority and returned to NELFUND.
7. Disbursement of Institutional Fees:
After receiving the verified and signed-off list from the institutions, NELFUND disburses the approved fees directly to the institutions on behalf of the students.
This structured process ensures the efficient management of student loans, with each party fulfilling its role to support students in accessing higher education.