FG Released Steps And Procedures For Student Loan Disbursement
Following the disbursement commencement of the NELFUND student loan, nelfund has released the steps by step procedures for the students loan distribution.
Below is a detailed outline of the step-by-step process that each student loan application must go through. NELFUND, the INSTITUTIONS, and the STUDENTS, each have crucial roles to play in this process.
1. Data Submission: The Institution is responsible for providing NELFUND with full, accurate, and complete data for all its students, for upload onto the NELFUND SVS. This includes information such as Matriculation number, JAMB details, course of study, academic level, and the institution’s fees.
2.Inform Student Applications about readiness: Both NELFUND and the institutions inform students of their eligibility to apply for the student loan through awareness campaigns and direct communication.
3.Student Loan Application: Students act on their interest by making their loan applications through the NELFUND portal https://nelf.gov.ng providing basic details such as JAMB number, NIN, BVN and Matriculation number.
4.Application Processing by NELFUND: Upon receipt of student application , NELFUND processes each by verifying the details provided and approving those that meet the criteria.
5.Approval Notification to Institutions: NELFUND compiles a list of approved student loans and sends the list to the respective institutions for further verification.
6.Institutional Verification: The institutions review the list, confirming the authenticity and accuracy of the student information and loan approvals. The verified list is signed off approvals. The verified list is signed off by institutions authority and returned to NELFUND.
7.Disbursement of Institutional Fees: Upon receiving the verified/ signed off list from the institutions, NELFUND disburses the approved institutional fees directly to the institutions on behalf of the students.
This coordinated process ensures that student loans are managed effectively, with each party fulfilling their responsibilities to support students in accessing higher education.
