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20 Jun 2024

How To Fix Some Common Issues On The Student Loan Portal

Students applying for student loan might encounter some issues when applying for the student loan on the student loan portal. Here are some ways to rectify some common issues when applying for the student loan on the student loan portal:

Q. BVN is bringing another person's name on the student loan portal how can I rectify this?

A. Students should please ensure they input the correct BVN. If the problem continues on the student loan portal, the applicant should please contact his or her bank.

Q. I could not register on the student loan portal because of this missing information "Student Records" prompt on the student loan portal. What should I do?

A. Please contact your Director ICT through email and explain the challenges you are facing on the student loan portal.

Q. Please about the student loan I want to apply but I want to be sure if the student loan application is for the next academic level I am in 300 level now and I have paid my fees and currently I am resuming for second semester.

A. Please go ahead and apply for the student loan the fees will be paid for your next session, not your current level.

Q. The school fees for the next academic session will be paid for with the student loan and not the current session as most students would have already paid for this session or missed the deadline, for the applicants that want to apply for the upkeep with the school fees.

A. Students will start receiving monthly upkeep upon disbursement of institutional fees.

Q. Successfully created and verified my account on the student loan portal but when I want to login into the student loan portal it says invalid login credentials, I try to reset password but the password reset email never comes.

A. Ensure to provide the correct email address and JAMB registration number on the student loan portal.

Q. I Have not seen anyone approved since for the student loan.

A. Students that applied for the student loan will begin to get approval notification from 25th June. After approvals, the next step is disbursement of the student loan. Everything is step by step.

Q. Some students were only being offered admission by the university not JAMB,

so they could not pass jamb details verification on the student loan portal. How can they resolve this on the student loan portal?

A. They should kindly regularize their admission with JAMB and re-apply for the student loan.

Q. I could not apply for the student because my school name is not on the student loan portal.

A. kindly try again

Q. I keep getting invalid institutional fee charges on the student loan portal.

A. Kindly contact the ICT directorate in your university to upload your institution charges to the NELFUND SVS. Your university is yet to upload your fees schedule.

Q. Can I cancel the student loan and leave the upkeep? Is it possible?

A. You can only get the upkeep if you applied for institution fees. However, you can decide not to take the monthly upkeep by opting for the fees alone.

Q. Incase the name on the BVN is not the same as the name on NIN, is there any solution?

A. Please ensure that the name on your BVN matches the account name and NIN you provided on the student loan portal.

Q. Will the institution fee paid to the school directly or to my bank account? And what will happen if I already paid my school fees and just want to return to the source?

A. The institution fee will be paid directly to the institution while the upkeep will be paid directly to the student’s bank account. There is no provision for reimbursement of already paid school fees as NELFUND will pay only for subsequent sessions.

Q. There is no provision for postgraduate students in federal higher institutions to apply for the student loan because jamb number is compulsory and post graduate students do not have jamb registration number.

What is the fate of the postgraduate students on the student loan?

A. The Student Loan Program is only open to undergraduate students of public tertiary institutions for now.

NELFUND Commence Verification And Approval of Student Loan Application

NELFUND has started verifying and approving student loan applications. According to NELFUND, once the student's loan application is verified and approved, disbursement of the student loan follows soon. The student loan is only for students in federal government owned institutions and universities.

According to NELFUND student loan application for state owned universities will commence by June 24th, applicants in private universities and national open universities are not eligible to apply for the student loan at the moment but the student loan application might be extended to these institutions in future.

The student loan will be used to support students in universities to relieve the financial burdens on tution and other educational levies incurred by students during their course of study so that they can achieve their academic aspirations and educational pursuit.

The student loan will be repaid after two years of completing the mandatory NYSC program and the student loan is interest free. Applicants without jamb registration number and matriculation number will not be able to complete the student loan application successfully, as jamb registration number and matriculation number is an important requirement to applying for the student loan. Students enrolled in part time programmes without jamb registration number will not be eligible to receive the student loan. Applicants yet to complete the student loan application are advised to complete their student loan application quickly in order to receive the student loan when disbursement commences.

Federal Government Requests Eighteen-Month Extension on World Bank's $800,000,000 Palliative Loan To Fund Conditional Cash Transfer

The Federal Government of Nigeria has reportedly requested an Eighteen-month extension on the closing date of the World Bank’s $800,000,000 palliative loan, initially set for June 30, 2024, to December 31, 2025.

The palliative loan is part of the federal government’s effort to foster its social safety net programmes; which includes conditional cash transfer, and to provide conditional cash transfer support to Nigerians affected by high inflation, following the removal of fuel subsidies and other macroeconomic challenges.

According to a World Bank restructuring paper, about 3,000,000 poor and vulnerable households have benefited from the $800,000,000 palliative loan. Of these beneficiaries, seven hundred thousand households were from rural areas and about 2,500,000 households were from urban areas.

“Since its start, about 30,000,000 beneficiaries have been covered by social safety net programs, and about 3,000,000 poor and vulnerable households have received shock-responsive conditional cash transfers as of May 2024. Of these beneficiaries of the conditional cash transfer, seven hundred thousand households were from rural areas and about 2,500,000 households were from urban areas, one thousand six hundred and fifty seven urban wards have been covered through the targeting system developed under the project,” the document read.

The extension also reportedly seeks to realign project timelines and improve the efficacy of the National Social Safety Net Programme-Scale Up, with the project’s targeting system covering one thousand six hundred and fifty two urban wards.

The Federal Government of Nigeria intends to use this palliative loan to fund a monthly conditional cash transfer programme for poor and vulnerable Nigerians who have been disproportionately affected by recent policies such as the elimination of fuel subsidies.

The document read: “This paper seeks approval from the Country Director for a Level II restructuring of the National Social Safety Net Program Scale-Up project (NASSP-SU, P176935, Credit No. 7019-NG), an US$800,000,000 Investment Project Financing (IPF).

“The restructuring will extend the project closing date by 18 months from June 30, 2024 to December 31, 2025. The benefit size and duration of the conditional cash transfers under component 1 will also be changed.

“Despite earlier delays, the project remains central to the government’s ambitious plan to provide temporary cash transfer support to the population affected adversely by high inflation, particularly in the wake of the fuel subsidy removal and other macroeconomic reforms the government is undertaking.

“No financial or audit reports are pending, and there are no changes in the audit requirements. There have been some delays in procuring key service providers, and contract management practices are being improved by building the capacity of the PIU’s procurement team. The World Bank will keep providing embedded support to the project to improve the financial management and procurement practices.

“Finally, the chairmanship of the project’s national steering committee will be changed from the Minister of Humanitarian Affairs and Poverty Alleviation to the Minister of Finance. This is the first restructuring and extension of the project’s closing date.”

Source: https://guardian.ng/nigeria-seeks-18-month-extension-on-world-banks-800m-palliative-loan/

NELFUND Student Loan

The Nigerian Education Loan Fund (NELFUND) student loan is more than a financial aid program, the NELFUND student loan scheme was established by the Federal Government of Nigeria, the student loan is a beacon of hope for Nigerian students pursuing higher education. Through the provision of interest-free student loans,

NELFUND is basically restructuring the educational landscape.

The Federal Government of Nigeria through the NELFUND student loan scheme strives to revolutionise higher education accessibility in Nigeria by providing interest-free student loans to eligible students in tertiary institutions of learning, thereby breaking down financial barriers, burdens and limitations and empowering Nigerian students to pursue their academic aspirations.

Aims of The NELFUND Student Loan

The following are the aims of the NELFUND Student Loan:

1) To provide accessible interest-free student loans for higher education.

2) To ensure equal access to quality education for all eligible students in tertiary institutions in Nigeria.

3) To foster a knowledge-driven economy through education.

Objectives of The NELFUND Student Loan

The following below are the objectives of the NELFUND Student Loan:

1) Foster financial access to higher education.

2) Partner and collaborate with stakeholders for Impact.

3) Enable equal opportunity for all Nigerian students in tertiary institutions.

4) Promote education for national and economic growth and development.

Simple Steps To Secure NELFUND Student Loan

The following steps below can be used by students in tertiary institutions in Nigeria to apply for the student loan:

Step 1: The applicant should register on the NELFUND student loan application portal by pressing the “APPLY NOW” button to get started.

Step 2: The applicant should press the "Request for Student Loan" button and complete the student loan application steps and click the submit button.

Step 3: The student's loan application will be reviewed. After successful verification, the student loan will be paid to the student's university for institutional charge, while the upkeep loan will be paid to the bank account the student have provided on the NELFUND student loan portal.

Frequently Asked Questions Regarding The NELFUND Student Loan

The following below are everything you need to know about the NELFUND student loan and repayment process:

Q.Under what circumstances would NELFUND deny a student loan application?

A. NELFUND can deny a student loan application if such an applicant is:

i) Proven to have defaulted in respect of any previous loan granted by any license financial institution

ii) Found guilty of submitting fake/fraudulent documents

iii) Dismissed or expelled for exam malpractices by any school authority

iv) Convicted of fraud and forgery, drug offences, cultism, felony, or any offences involving dishonesty

Q. Are there any documents to upload during the student loan application process?

Yes.

i) Scanned admission letter for new students, this is compulsory

ii) Scanned Student Identification Card this is not compulsory

Q. Is there any appeal process when an student loan application is denied?

A. A complaint can be raised from the student loan portal, or the applicant can send an email to the NELFUND

Q. What are the consequences of defaulting on the student loan?

A. Deliberate default could result in penalties, legal action, and potential damage to the beneficiary's credit score.

Q. Do students require a guarantor to access the student loan?

A. No. The student loan application process do not require a guarantor.

Q. How do I repay the student loan when I am relocating abroad?

A. Beneficiary of the student loan will contact the NELFUND and sign an agreement with modalities to repay.

Q. What if I have the money to pay back the student loan before I get a job

A. The beneficiary can repay the student loan once he or she has the money to pay back the student loan, even before he or she gets a job.

Q. How will the student loan repayment process work?

A. The following are ways in which the student loan repayment process works:

i) 10% of the beneficiary’s salary will be deducted at source by the employer.

ii) Self-employed beneficiaries are required to remit 10% of their monthly profit to NELFUND. The beneficiary is at liberty to seek to repay the student loan beyond the statutory 10% monthly repayment by his or her employers or by his or herself if he or she is self-employed.

Q. What happens if a beneficiary does not have job after 2 years post-NYSC?

A. The beneficiary should notify NELFUND by sworn court affidavit every 3 months after 2 years post NYSC if the beneficiary is still unable to get a job.

Q. When is the student loan due for repayment?

A. The student loan is due for repayment 2 years after the completion of NYSC

19 Jun 2024

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/

18 Jun 2024

All Technical Issues Resolved on Student Loan Portal, Students Can Reapply For Student Loan - NELFUND

The management of the Nigerian Education Loan Fund (NELFUND) has advised applicants facing difficulties to reapply for the student loan, adding that all technical issues affecting the NELFUND Student Loan Application portal have been resolved.

This is contained in a statement issued by NELFUND on its X (formerly Twitter) account on Monday.

NELFUND, the body in charge of the student loan initiative, said students can either reapply or proceed with the student loan application process on the NELFUND student loan application portal.

NELFUND also added that student loan applicants may have received an SMS text or email from the organization, advising them to reapply for the student loan.

“NELFUND Student/Applicants

“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.

“You may also have received an SMS or email from NELFUND calling you to try again.

“If you are successful when you retry, please let us know. If not, please reach out to us,” the statement on Twitter reads.

The Nigerian Education Loan Fund (NELFUND)

The Nigerian Education Loan Fund (NELFUND) was established under the revised Student Loan Act of 2024 to provide interest-free student loans to Nigerian students pursuing higher education, vocational training, and skill development programs.

In an earlier statement, the managing director of the Nigerian Education Loan Fund (NELFUND), Dr. Akintunde Sawyerr, directed all students to log into the NELFUND student loan portal through www.nelf.gov.ng and create an account using their existing credentials.

According to Dr. Akintunde Sawyerr, applicants will need to provide various documents, including their JAMB admission letter, NIN, BVN, personal details, academic information, and financial needs.

Dr. Akintunde Sawyerr stressed the importance of ensuring the integrity of the student loan application process, stating that measures are in place to verify applicants’ eligibility and prevent fraud in the student loan application process.

The Nigerian Education Loan Fund (NELFUND) also released step-by-step ways to apply for the student loan immediately after the student loan launch in May.