As a Nigerian student, if you have recently applied for a Federal Government Student Loan, you need to be aware that you have directly or indirectly consented to the following terms and conditions.
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The student loan does not permit you to use your personal information to apply on behalf of others.
The terms and conditions governing student loans are as follows:
1. THE LOAN AMOUNT
- Appropriately verify the loan actual amount as it is logged on your application dashboard, which includes institutional fees and/or upkeep fields. This implies that you consent that the exact amount displayed on your personal dashboard on the students' loan portal was fully initiated by you and not somebody else.
- The Nigerian Education Loan Fund is hereby obligated to pay you the full loan.
2. REPAYMENT
If you applied for the student loan, you have automatically subscribed to this repayment process.
Thus, that:
- You will participate in the National Youth Service Corps (NYSC) program, and you shall start repaying the loans two years after the completion of your NYSC program.
- Upon getting employed or having a paid job, you shall update the details of your employer and any change of employers on your personal account in the student’s loan portal.
- You agreed that 10% of your monthly salary shall be directly deducted from your employer for purposes of the loan repayment.
- In case you become self-employed after graduation, you shall, within 60 (sixty) days of becoming self-employed, update the following details of your business on the portal and transfer the repayment to the bodies authorized by law to manage the loans:
- Name, address, and location of the business(es)
- Registration documents (if registered)
- Name(s) of bankers
- Names of partners, directors, and shareholders.
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3. CONSENT
As a Nigerian student, if you have applied for the loan, you must consent that:
- The NELFUND or any other office authorized by law to use your personal details for purposes connected to the disbursement and recovery of the loan given for your benefit.
- All legal means available to the Fund, including the Global Standing Instruction for the recovery of the loans given to you if you fail to repay the loans when you are due to repay them.
- If you fail to repay the loan when it has become due, the fund or any other body authorized by it can, without informing you, request any bank or financial institution in Nigeria where you have money in your account to access and release the monies belonging to you to repay the outstanding loan on your student loan account.
Note that it does not matter if you plan to use the money for other obligations.
4. UNDERTAKING
The following are essential undertakings you must further consent to:
- That all the information you provided on your student's loan portal is relevant, precise, and accurate.
- That you are personally responsible for all the loans paid to your educational institution in your name and all loans paid to you for your upkeep, whether you graduate from the institution or not.
- That you are not a beneficiary of any other government-sponsored scholarship scheme.
- That you understand that you are allowed to pay back your loan, in full or in part, at any time before it becomes due.
- That you have sought and obtained independent legal advice regarding the operation of the Global Standing Instruction on your accounts if you fail to repay the loan as when due.
- And that you have also read and understood the terms and conditions of this loan agreement, and you have agreed to be unconditionally bound by them.
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Wrapping up
Thus are the terms and conditions attached to the Federal Government Loan; all you need to do right now is sit back and wait for the loan disbursement to kickstart.
Also, if you have yet to apply, you can still process your application before the program is closed.
You can access the student loan application here.
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