Nigeria Education Loan Fund (NELFund) for LAUTECH Students. The Ladoke Akintola University of Technology (LAUTECH) has provided an important update regarding the Nigeria Education Loan Fund (NELFund).
HAVE YOU USED OUR JAMB TOOL YET? IT PROVIDES YOUR JAMB COMBINATION FOR FREE
This initiative, launched by the Federal Government of Nigeria, aims to support eligible undergraduate students by offering interest-free loans to enhance access to higher education.
About Nigeria Education Loan Fund (NELFund)
The NELFund is designed to assist students with financial needs by providing interest-free loans. The primary goal is to eliminate financial barriers, allowing qualified students to pursue their academic aspirations.
- Repayment Terms:
- Loan repayment begins two years after the completion of the National Youth Service Corps (NYSC) program.
- One year after completing NYSC, beneficiaries will start repaying the loan.
Loan Repayment Details
- Salary Deductions:
- For employed beneficiaries, 10% of their monthly salary will be deducted by their employer.
- Self-employed Remittance:
- Self-employed individuals are required to remit 10% of their monthly profit directly to the Fund.
This repayment plan is designed to be gradual and manageable for students.
Loan Application Statistics at LAUTECH
- Nationwide, 257,094 students have applied for the loan under NELFund.
- At LAUTECH, only 717 students have applied, which is relatively low compared to the university’s overall student population.
How to Apply for NELFund
Eligible full-time undergraduate students at LAUTECH are encouraged to apply. Here’s how:
- Visit the NELFund Portal: Go to the NELFund Portal to initiate the application process.
- Complete the Form: Fill in the application form and upload all required documents.
This initiative is aimed at reducing financial burdens for students without any unpleasant conditions attached.
Students are urged to take advantage of this opportunity promptly to secure financial support for their studies.
