The Nigerian Education Loan Fund (NELFUND) has released new guidelines for the administration of the student loan scheme, a flagship initiative of the administration of President Bola Ahmed Tinubu.
The scheme, which was established under the Student Loans (Access to Higher Education) Act, 2024, is designed to provide financial support to Nigerian students seeking higher education.
The newly released guidelines provide a clear framework for universities, polytechnics, and colleges of education to ensure the program is administered transparently, inclusively, and accountably.
According to the guidelines, to be eligible for the loan, applicants must be Nigerian citizens with a valid admission into an Eligible Tertiary Institution (ETI) and provide key identification such as their NIN, BVN, and JAMB details.
All loan requests will be processed via the NELFUND online portal, which requires accurate personal, academic, and KYC information.
The guidelines also stipulate that loan disbursements will be made directly to institutions to cover tuition and institutional charges, with optional upkeep allowances paid directly to students.
Repayment of the loans will begin two years after the completion of the National Youth Service Corps (NYSC) or exemption, with 10% of the loan recipient’s monthly income remitted until the loan is fully repaid.
Akintunde Sawyer, Managing Director of NELFUND, stated that the initiative “goes beyond providing loans; it is about removing financial barriers to education, fostering skills development, and building a future where every Nigerian student can achieve their potential regardless of background.”
He added that the guidelines provide a roadmap for institutions and students to access the scheme transparently and effectively.
The guidelines are in line with Section 23(b) of the Student Loans Act, 2024, which seeks to mark a significant milestone in the Federal Government’s commitment to ensuring inclusive access to higher education, reducing dropout rates, and fostering socio-economic mobility.
Source: X | NELFUND