Five (5) Categories Of Undergraduates Ineligible For Student Loan In Nigeria

With the Nigerian Education Loan Fund (NELFUND) set to open the student loan application portal on May 24, 2024, some Nigerians are raising questions about eligibility.

Oluwole Ojabowale, responding to the announcement on social media, asked if students in Colleges of Nursing can apply. Another user, Ciroma, inquired if postgraduate students are eligible.

The federal government had previously clarified the eligibility criteria when President Bola Ahmed Tinubu signed the student loans bill into law on April 3, 2024.

The president had hinted that not all undergraduates qualify for this initiative, which is described as “unprecedented in the history of education in Nigeria.”

Five categories of students are ineligible for the loan:

1. Students guilty of examination malpractice.
2. Students who have defaulted on previous loans.
3. Students with a criminal record involving dishonesty or fraud.
4. Students whose parents have defaulted on any loan.
5.  Students convicted of drug offenses.

Eligible students are those in public tertiary institutions who are free of these disqualifications.

The presidency emphasized that this loan scheme aims to build a skilled workforce capable of self-employment, thereby boosting Nigeria’s productivity.

President Tinubu explained that the federal government aims to provide financial assistance to underprivileged Nigerian students in tertiary institutions.

Akintunde Sawyerr, managing director of NELFund, added that the loan would cover 100% of institutional fees for eligible students in public tertiary institutions.