The Nigerian Education Loan Fund (NELFUND) is a student loan in Nigeria organized by President Bola Ahmed Tinubu's administration to support public higher institutions students in Nigeria. However, in recent trends, we've seen students trying to cancel this student loan. According to our research, we've discovered that several reasons contributed to cancellation of the loan.
In this article, we are going to discuss why students may seek to cancel their NELFUND student loans, and explain the step-by-step guides to opt-out of the loan application completely.
Why students want to cancel NELFUND
Like I said earlier, Nigerian students may seek to cancel their NELFUND student loans for several reasons including:
- Improvement in Financial Stability: Some students might experience an improvement in their financial situation or receive alternative funding. In such cases, the NELFUND loan is not needed and they may choose to cancel their loan applications to avoid future repayment obligations.
- Concerns About Repayment Terms: The NELFUND loan is a interest-free educational financing. It has repayment terms that require graduates to start repaying two years after completing their NYSC program, with 10% of their monthly salary deducted directly for the loan settlement. Despite this amazing loan offers, some students still find it challenging to believe the offers and opt to cancel their applications.
- NELFUNF not Working: There are lots of administrative challenges applying for the student loan. In other words, difficulties encountered during the application process, such as verification issues, delays in approval, or lack of clarity on eligibility criteria, can lead to frustration. These challenges might prompt students to withdraw their applications.
- Institutional Participation Issues: Not all institutions may be participating in the NELFUND scheme or have completed the necessary verification processes. For example, some regions have experienced delays because their institutions hadn't responded to verification requests, leading students to reconsider their applications.
If you have any other reason, different from the ones stated above, that's making you to to seek to cancel your NELFUND student loan, please don't hesitate to share it in the comment section. This will help other applicants to digest your reasons for better decision making.
How to Cancel NELFUND Student Loan
The best way to cancel a NELFUND student loan application is by contacting NELFUND's support team promptly to discuss the cancellation process and understand any implications.
To get in touch with NELFUNF's support, follow the steps here:
- Login to your NELFUND portal and navigate to "Contact US" page.
- On the page, click on "Get in touch" link, or visit "nelfund.esupport.ng".
- Now, submit a ticket by clicking on "Raise Ticket".
- Fill in your details such as your name, email address, phone number (as they appear in your application).
- Select "Loan Application" under "Category".
- Select "Other loan application issue" under "Sub-Category".
- You will see a "Message" space, that's where you're going to express your loan cancellation request.
- When you're done, click on "Send" to submit the request.
- You can monitor the progress of your ticket by clicking on "My Ticket" or visit this page "nelfund.esupport.ng/my-tickets".
Sample of Letter to Cancel NELFUND Student Loan
The Subject of the Letter Should Be Written Like This: "Request for Student Loan Application Cancellation".
Then, the body should be written in this manner:
Dear [Loan Office/Relevant Authority],
I hope this email finds you well. I am writing to formally request the cancellation of my student loan application for both tuition and upkeep loans, which I submitted on August 12, 2024.
My application is currently at the "verified" stage, but I would like to withdraw my request and discontinue the process. Below are my application details for your reference:
- Full Name: [Your Full Name]
- Matriculation Number: [Your Matriculation Number]
- Institution Name: [Your Institution Name]
- Academic Session: [Session]
- Department: [Your Department]
- Faculty: [Your Faculty]
Kindly remove my details from your records. If any further information is required, please feel free to contact me at [Your Phone Number] or [Your Email Address].
Thank you for your time and assistance.
Sincerely,
[Your Name]
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