Student Loan: Documents And Eligibility Requirements For Students

What students must provide before applying for the student loan:

Interested applicants will be required to provide the following to access the funds:

1) Joint Admission and Matriculation Board (JAMB) registration number

2) National Identification Number (NIN)

3) Bank Verification Number (BVN) 

4) Students’ matriculation numbers

Students that are ineligible for the student loan:

The following categories of people will be considered ineligible to access the student loan:

1) Any student found guilty of examination malpractice by any school authority will not be selected for the student loan.

2) Students, otherwise known as applicants that have defaulted in respect of any previous loan granted to them by any organisation will not be eligible to apply for the student loan.

3) Others are students with a criminal record of felony or any offence involving dishonesty or fraud.

4) Students whose parents either father or mother have defaulted in respect of student loans or any loan granted to him or her.

5) Students who have been convicted of drug offences.

Students that are eligible to apply for the student loan:

The following categories of students will be considered eligible to apply for the student loan:

1) Nigerian students in public higher learning institutions such as universities, polytechnics, colleges of education and vocational institutes.

2) Nigerian students who are not guilty of the listed offences such as:

a. Cultism

b. Exam malpractice

c. Suspension

d. Expulsion 

e. Certificate/Result/ Document Forgery 

f. Illegal Admission 

are eligible to apply for the student loan.

Source: https://businessday.ng/education/article/student-loan-portals-application-hitches-resolved-applicants-can-reapply/

Federal Government Grant Yet To Hit The 1290 Maximum As Applicants Await Final Federal Government Grant Disbursement

Observations on the federal government grant portal shows that no local government area has gotten to 1290, Konshisha with 1224 being the closest to 1290 beneficiaries for the federal government grant. Applicants yet to receive the federal government grant are implored to exercise patience as the federal government grant disbursement has not been concluded. According to the Minister for Industry Trade and Investment Doris Nkiruka Uzoka-Anite at the end of the disbursement of the federal government grant the names and list of all 1,000,000 beneficiaries will be published on the federal government grant portal, the minister said that applicants that fail the NIN verification process will not be considered and they should apply for the ongoing federal government loan application with their CAC or SMEDAN certificates. 

The federal government grant will not be repaid by beneficiaries unlike the federal government loan which will be repaid at the end of the loan tenure. Beneficiaries of the federal government grant will receive ₦50,000 while beneficiaries of the federal government loan will receive ₦1,000,000. The federal government loan application is still ongoing but will be closing soon, after that the federal government loan will be disbursed, this will be done after the federal government grant has been cleared and all eligible beneficiaries have all received their federal government grant. Applicants that applied last year but failed to update their NIN on the federal government grant portal will not receive the federal government grant, applicants that received text message to update their NIN and did likewise will receive the federal government grant, applicants sent messages to go to their local government area for data capturing and have completed this process will receive the federal government grant. Applicants that have already received the federal government grant but received the text messages to proceed to their local government area for data capturing might ignore the message since they have already received the federal government grant. The federal government grant is a one time payment and no beneficiary can receive the federal government grant twice as people might have claimed and this is the essence of the NIN verification. The NIN verification process prevents disbursement of federal government grant to the same person twice and ensures that the right individual receive the federal government grant and not a 'ghost' beneficiary. The federal government grant application has ended although their are some grants available online like the fgn alat and other initiatives. Individuals, applicants and even beneficiaries of Npower have been advised to capitalize on these opportunities while awaiting their Npower payment.

The federal government grant was launched last year by President Bola Ahmed Tinubu as part of the Renewed Hope Agenda to cushion the effect of inflation and economic hardship to the poor and vulnerable, to enable these beneficiaries of the federal government grant to start up nano businesses in their immediate communities.

Latest Npower News Update Regarding Payment To Npower Batch C Beneficiaries Today June 19 2024

Here are the latest updates on the Npower payment to Npower batch c beneficiaries today June 19 2024:

1) Npower payments to Npower batch c beneficiaries are on hold while the investigation happens.

2) The Economic and Financial Crimes Commission (EFCC) is still interrogating officials they suspect of stealing money from the Npower programme.

3) President Bola Ahmed Tinubu says his government wants to make sure Npower and other National Social Investment Programmes are run honestly and help beneficiaries the way they were designed to.

4) Some money has been recovered, from some consultants which could be good news for Npower batch c beneficiaries who were supposed to get their Npower payment.

5) The federal government is trying to fix the problems regarding Npower payment so that the Npower program can run well again.

6) The National Social Investment Management System (NASIMS) has asked the current batch of beneficiaries of the Npower scheme to be observant. Npower batch C beneficiaries are advised to keep observing their Npower portal frequently for any update.

7) NASIMS said Npower backlog payments for validated accounts of beneficiaries of the federal government’s Npower scheme, are being made bit by bit.

Source: https://www.bing.com/search?q=Npower+News+update+regarding+payment+to+Npower+batch+c+beneficiaries+today+June+19+2024&safeSearch=strict&form=METAMG&fbclid=IwAR3j0iwbLX28KsHTGMZucGtq8TQJs_usAF2dGpBtFOJuviZ8Kzg70ImyK0E

Student Loan Portal’s Application Glitches Fixed, Applicants Can Reapply For Student Loan

The Nigerian Education Loan Fund (NELFUND) has invited applicants who experienced some technical glitches when applying for the student loan, to reapply as the student loan portal’s technical issues have been fixed.

According to a statement on the Nigerian Education Loan Fund's (NELFUND's) official X handle, NELFUND said, “If you have encountered challenges with the application process, please check back into either re-register or continue the application process. The technical issues have been resolved.”

In addition, the Nigerian Education Loan Fund (NELFUND) informed applicants that might have received an SMS or email from the agency calling for them to try again thus;

“If you are successful when you retry, please let us know. If not, please reach out to us.”

Reports have it that NELFUND is ready to help students who facing challenges trying to apply for the student loan amidst several complaints and jostlings for answers after rolling out the student loan scheme application portal on Friday, May 24, 2024.

Nasir Ayitogo, the head of media and public relations at NELFUND had earlier given step-by-step instructions to students interested in applying for the student loan and disclosed that NELFUND has received various kinds of complaints from student loan applicants.

Haven addressed the technical issues affecting the student loan application portal; NELFUND is requesting concerned applicants to reapply for the student loan.

“If you are successful when you retry, please let us know. If not, please reach out to us,” NELFUND said

Eligible students are encouraged to take advantage of the opened student loan portal to invest in their future and contribute to the growth and development of Nigeria.

What students must provide before applying for the student loan:

Interested applicants will be required to provide the following to access the funds:

1) Joint Admission and Matriculation Board (JAMB) registration number

2) National Identification Number (NIN)

3) Bank Verification Number (BVN)

4) Students’ matriculation numbers

Students that are ineligible for the student loan:

The following categories of people will be considered ineligible to access the student loan:

1) Any student found guilty of examination malpractice by any school authority will not be selected for the student loan.

2) Students, otherwise known as applicants that have defaulted in respect of any previous loan granted to them by any organisation will not be eligible to apply for the student loan.

3) Others are students with a criminal record of felony or any offence involving dishonesty or fraud.

4) Students whose parents either father or mother have defaulted in respect of student loans or any loan granted to him or her.

5) Students who have been convicted of drug offences.

Consequently, Nigerian students in public higher learning institutions such as universities, polytechnics, colleges of education and vocational institutes who are not guilty of the listed offences are eligible to apply for the student loan.

Source: https://businessday.ng/education/article/student-loan-portals-application-hitches-resolved-applicants-can-reapply/

Npower News Today Wednesday 19th June 2024

According to Npower News today Wednesday 19th June 2024, Honorable Comrade Mustapha Ali Buni a political activist has called on the Presidency and other state holders in various ministries, departments and agencies to come to the rescue of Npower batch c beneficiaries being owed 12 months stipends, see press statement below:

PRESS STATEMENT

The Presidency, Aso Rock Villa, Abuja, Federal Capital Territory, Nigeria

18/06/2024

REMINDER

Dear Sirs,

We, the undersigned, humbly yet urgently seek your attention to a matter of great importance. The Npower beneficiaries across Nigeria have been enduring a prolonged period of eight to nine months without receiving their rightful backlogs payments. This delay has caused significant financial strain and hardship for these individuals who are in dire need of this support.

As such, we respectfully request the urgent intervention of the Honourable Excellency Asiwaju Bola Ahmad Tinubu, the Commander In Chief of the Armed Forces and President of the Federal Republic of Nigeria, as well as Mr. Vice President Distinguished Senator Kashim Shettima GCON. Additionally, we call upon the National Assembly of the Federal Republic of Nigeria, both the Upper House and the Lower House of Representatives, the Nigerian Governors Forum, the Federal Ministry of Justice, the Nigerian Human Rights Commission, the Nigerian Bar Association, the National Darikatul Tijjaniyya, the National Izalatul Bidiya Wa'iqamatus Sunnah, and the National Christian Association to heed this urgent appeal.

It is imperative that swift action is taken to address the plight of the Npower beneficiaries and ensure that they receive their overdue backlogs payments without any further delay. We implore your compassion and commitment to justice in resolving this pressing issue.

Thank you for your attention and anticipated prompt action in bringing relief to the Npower beneficiaries in need.

Sincerely,

[Hon.Comrade Mustapha Ali Buni, The Political Pillar]

Recall that Npower was suspended by President Bola Ahmed Tinubu in January over alleged misappropriation of public funds in the Ministry for Humanitarian Affairs and Poverty Alleviation by Betta Edu the ex-Minister for Humanitarian Affairs and Poverty Alleviation.

Over Thirty Thousand Nigerian Students Have Been Shortlisted To Benefit From Student Loan - Senate President, Godswill Akpabio

The Senate President, Godswill Akpabio, has announced that more than thirty thousand Nigerian students have been selected to benefit from the student loan scheme introduced by President Bola Ahmed Tinubu.

Senate President, Godswill Akpabio said this in a statement on Tuesday during his visit to the Nigeria Institute of Legislative and Democratic Studies in Abuja.

Senate President, Godswill Akpabio said the Student Loan bill was one of the most significant pieces of legislation passed by the tenth Assembly of the country.

Senate President, Godswill Akpabio stated that the bill allows underprivileged children to pursue higher education without the burden of financial constraints or financial burdens.

Accordingly, Godswill Akpabio said that was what made the legislature most appealing to him as the Senate President.

“One of the most important bills for the tenth Assembly was the bill sent to us by President Bola Tinubu. The Student Loan Bill enables vulnerable Nigerian students, the less privileged to obtain higher education.

“And as I speak to you now, over thirty thousand Nigerian students have already been selected to benefit from that scheme.

“That is one of the bills I will say appeal to me the most,” Godswill Akpabio said.

What you should know about the student loan 

The revised Student Loan Act 2024 was established to remove financial barriers, burdens, limitations and constraints faced by students and make education more accessible to all Nigerian students, regardless of their economic background.

The primary sources of funding for NELFUND include a percentage of taxes, levies, and duties collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service, amounting to 1% of their total revenues.

Additionally, NELFUND will receive contributions from the profits generated by the government’s natural resource exploitation, education bonds, endowment fund schemes, and donations from individuals and organizations.

The student loan cover tuition, fees, and maintenance costs. The repayment process of the student loan commences two years after the beneficiary completes the NYSC program.

Source: https://nairametrics.com/2024/06/19/student-loan-over-30000-nigerian-students-have-been-selected-to-benefit-from-scheme-godswill-akpabio/