The Nigerian Education Loan Fund (NELFUND) has issued new guidelines for the implementation of the student loan scheme, a key initiative of President Bola Ahmed Tinubu’s administration.
The loan scheme, created under the Student Loans (Access to Higher Education) Act, 2024, is designed to provide financial support to Nigerians pursuing tertiary education.
The guidelines, released on Tuesday, outline the eligibility criteria, application process, loan disbursement, and repayment modalities. They are aimed at ensuring transparency, inclusiveness, and accountability in the administration of the scheme.
According to the framework, applicants must be Nigerian citizens with valid admission into an eligible tertiary institution, and must provide key identification such as National Identification Number (NIN), Bank Verification Number (BVN), and Joint Admissions and Matriculation Board (JAMB) details.
All applications will be processed through the NELFUND online portal, which requires applicants to submit accurate personal, academic, and Know Your Customer (KYC) information.
The guidelines further state that loan disbursements will be made directly to institutions to cover tuition and institutional charges, while students may also receive optional upkeep allowances directly.
Repayment will commence two years after the completion of the National Youth Service Corps (NYSC) or upon exemption, with beneficiaries required to remit 10 per cent of their monthly income until full repayment is achieved.
Managing Director of NELFUND, Mr. Akintunde Sawyer, said the initiative is not just about providing loans but also 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 noted that the guidelines provide a clear roadmap for institutions and students to access the scheme fairly and effectively.
The release of the guidelines marks a significant milestone in the Federal Government’s drive to widen access to higher education, reduce dropout rates, and promote socio-economic mobility, in line with Section 23(b) of the Student Loans Act, 2024.
