Nigeria Education Loan Fund (NELFund) for LAUTECH Students
Get the latest update on the Nigeria Education Loan Fund (NELFund) for LAUTECH students. Find out how to apply now!
The Ladoke Akintola University of Technology (LAUTECH) has issued an update regarding the Nigeria Education Loan Fund (NELFund) for students.
This initiative by the Federal Government of Nigeria aims to support deserving undergraduate students by providing interest-free loans to make higher education accessible to all eligible Nigerians.
Students are encouraged to make use of this opportunity and apply for the loan to support their education.
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About Nigeria Education Loan Fund (NELFund)
The Students Loan Initiative is designed to assist students with financial needs by providing interest-free loans.
The main goal is to remove financial barriers and ensure that qualified students can pursue their academic dreams.
Repayment of the loan begins two years after completing the National Youth Service Corps (NYSC) programme.
Loan Repayment Details
One year after completing NYSC, the beneficiary will start loan repayment.
- Salary Deductions: For employed beneficiaries, ten per cent of their monthly salary will be deducted by the employer.
- Self-employed Remittance: Self-employed individuals will need to remit ten per cent of their monthly profit directly to the Fund.
This ensures a gradual and manageable repayment plan for students who receive the loan.
Loan Application Statistics at LAUTECH
Across Nigeria, 257,094 students have applied for the loan under NELFund.
From LAUTECH, only 717 students have applied so far, which is a very small number compared to the student population.
How to Apply for NELFund
All interested and eligible full-time undergraduate students should apply.
- Visit the NELFund Portal: Go to the NELFund Portal to begin the application process.
- Complete the Form: Fill in the application form and provide all required documents.
This loan is aimed at reducing financial burdens without any unpleasant conditions attached.
Students are advised to act quickly and take advantage of this opportunity to secure support for their studies.