How To Apply For Tinubu Student Loan In Nigeria 2024

Are you searching for the step by step procedure on how to apply for Tinubu Student Loan in Nigeria?

Then you’ve come to the right place.

The Tinubu Student Loan in Nigeria 2024 is designed to support students in public higher institutions who need financial assistance.

To be eligible, applicants must have a verified admission letter and demonstrate proof of financial need.

The application process involves filling out forms on the official loan portal and submitting required documents.

Repayment begins two years after graduation, allowing students time to settle into their careers.

Grab a chilled glass of water and keep reading…..

Who can Apply For Tinubu Student Loan In Nigeria?

As of May this year, Akintunde Sawyer announced that the loan will initially be available to students in federal universities.

Eventually, the program will also include state-owned institutions, and loans will be extended to those pursuing vocational skills or qualifications.

Students from state schools can apply, but they will have to wait until it’s their turn before accessing the loan.

How much can you get If You Apply for Tinubu Student Loan?

The loan amount depends on tuition fees and other school-related payments, as the money will not be given directly to students.

Instead, Nelfund will pay an institutional access fee, which covers classes, exams, tutorials, and seminars.

In addition to school fees, Nelfund will also provide a monthly stipend as part of the loan.

Although the exact amount of this stipend isn’t specified, Sawyer confirmed it will not exceed a certain limit.

How to Apply For Tinubu Student Loan In Nigeria?

Applying for a Student Loan with NELFUND

To apply for a student loan through NELFUND, follow these simple steps:

START YOUR APPLICATION

• Visit nelf.gov.ng.
• Click on “Apply Now” and then select “Get Started.”
• Confirm you are a Nigerian by clicking “Yes, I am a Nigerian.”

VERIFY YOUR EDUCATIONAL INFORMATION

• Select your school from the dropdown menu and enter your matriculation number to check if your details are uploaded.
• Click “Verify with JAMB” and input your JAMB details. If your NIN is not registered with JAMB, you can enter it for validation.

CREATE YOUR ACCOUNT

• Enter your email address and create a password, confirming it in the designated fields. Click “Create Account.”
• Check your email for a verification link to finalize your account setup.

COMPLETE YOUR PROFILE

• Log in by clicking the “LOGIN” button and entering your email and password.
• Click on “Proceed to Contact Details” and update your phone number, residential address, state, and local government area.
• Move to “Proceed to Educational Details” to select your institution and input your matric number.
• Verify your BVN by entering it, selecting your bank, and entering your account number. Click “Save Changes” to complete your profile.

LOAN APPLICATION PROCESS

• Click on “Request for Student Loan” at the top right of the home or loans page.
• If you need an upkeep loan, check the box; if you only require the institutional charge, click “Continue.”
• Upload your supporting documents—an admission letter is mandatory, while the student ID and institution invoice are optional. Accept the policy and declaration before clicking “Continue.”
• Review the loan overview, agree to the terms and conditions, and the GSI Mandate before clicking “Submit Application.”
• Finally, check the status of your application by clicking on the “loans” button.

What could disqualify you If You Apply for Tinubu Student Loan?

Applying does not guarantee approval. Nelfund conducts background checks to determine eligibility. Disqualifiers include:

• Unpaid loans from financial institutions
• Submitting fake or fraudulent documents
• Exam malpractice or expulsion from school
• Convictions for fraud, forgery, drug offenses, or cultism
• If your university hasn’t uploaded student data to Nelfund

How to repay If You Apply For Tinubu Student Loan?

Repayment starts two years after completing National Youth Service (NYSC).

For those employed, the government will deduct 10% of your salary monthly until the loan is fully repaid.

For the self-employed, 10% of monthly profit will need to be paid directly to the Education Bank.

Refusal to repay the loan could result in penalties, legal action, or damage to your credit score. Offenders may face a fine of ₦500,000 or two years in prison, or both.

Sawyer noted that more students from Northern Nigeria have applied so far compared to the Southern region, where skepticism about the program’s authenticity remains high.

However, Sawyer emphasized that the loan program is real and in full effect.

CONCLUSION

The Tinubu Student Loan in Nigeria 2024 provides financial support to students in public institutions.

To apply, students must have a verified admission letter and demonstrate financial need.

Applications are made through the official government loan portal, where required documents must be submitted.

Repayment starts two years after graduation, giving graduates time to find employment.

The loan covers tuition fees and may also include monthly stipends for living expenses.