Ladoke Akintola University of Technology (LAUTECH) has released an update on the Nigeria Education Loan Fund (NELFund). This initiative is aimed at helping undergraduate students finance their education through interest-free loans, making higher education more accessible.

What is NELFund?

The Nigeria Education Loan Fund (NELFund) is an interest-free loan scheme provided by the Federal Government of Nigeria. Its primary goal is to assist financially needy students, ensuring they can continue their studies without worrying about tuition and other academic expenses.

The loan comes with flexible repayment terms, starting two years after completing the National Youth Service Corps (NYSC) programme.

Loan Repayment Terms

• Repayment Starts: One year after NYSC completion.
• For Employed Graduates: 10% of the beneficiary’s monthly salary will be deducted by their employer.
• For Self-Employed Graduates: 10% of their monthly profit will be remitted to the loan fund.

This flexible repayment method ensures that students can manage their finances after graduation while repaying the loan.

LAUTECH Loan Application Statistics

So far, 257,094 students across Nigeria have applied for the NELFund. However, at LAUTECH, only 717 students have applied, which is a small number compared to the total student population.

How to Apply for NELFund

Interested and eligible students should follow these steps to apply:

1. Visit the NELFund Portal: Start the application process by visiting the NELFund Portal.
2. Complete the Application Form: Fill in the required information and submit all necessary documents.
3. Submit the Application: Ensure your application is complete and submitted within the given timeframe.

Key Benefits of NELFund

• Interest-Free: The loan is provided without any interest, making it a highly favorable option for students in need.
• Flexible Repayment Plan: Graduates can start repaying one year after NYSC, with manageable deductions.
• No Hidden Conditions: The loan aims to support students without attaching difficult conditions or requirements.

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