The Federal Government of Nigeria has officially rolled out clear guidelines for the Nigerian Education Loan Fund (NELFUND) to make it easier for students in public tertiary institutions to access financial support. This initiative was introduced to ensure that no student is denied higher education opportunities due to financial challenges.
Under the new rules, only Nigerian citizens who have secured admission into recognized universities, polytechnics, and colleges of education are eligible. Applicants must provide valid identification, including their National Identification Number (NIN), Bank Verification Number (BVN), and JAMB details during the application process.
All applications must be completed online through the official NELFUND portal at www.nelf.gov.ng. The portal is designed to simplify the process by allowing students to upload required documents and track the progress of their requests.
According to the guidelines, tuition fees and other institutional charges will be paid directly to schools, while students may receive upkeep allowances if requested. This ensures transparency and accountability in how the funds are used.
Repayment terms are straightforward. Graduates are expected to begin repaying the loan two years after completing their National Youth Service Corps (NYSC) program or once exempted. Repayment will be structured as a 10% deduction from monthly income, either through the PAYE system for those employed or a tailored repayment plan for self-employed graduates.
Tertiary institutions also have responsibilities under this scheme. Schools must verify student loan applications within 20 working days and are required to refund any overpayments within 30 days. Institutions found guilty of falsifying records, colluding with applicants, or withholding refunds risk being suspended from the program.
NELFUND further emphasized that the loan scheme is built on principles of fairness and non-discrimination. All institutions must also comply with the Nigeria Data Protection Act, 2023, to safeguard student information.
This loan scheme represents a major step toward expanding educational access in Nigeria, helping students from all backgrounds pursue higher education without the fear of financial constraints. Students who qualify are encouraged to prepare their documents and submit applications through the official portal at www.nelf.gov.ng.
