Breaking Financial Barriers for Nigerian Students
The Nigerian Education Loan Fund (NELFUND) has released guidelines for its student loan scheme, designed to provide transparent and inclusive access to higher education for Nigerian students.
According to NELFUND Managing Director, Mr. Akintunde Sawyerr, the initiative aims to break financial barriers, foster skills development, and create opportunities for all Nigerian students.
Eligibility and Application
- Applicants must be Nigerian citizens with valid admission into eligible tertiary institutions.
- Required documents include National Identification Number (NIN), Bank Verification Number (BVN), and Joint Admissions and Matriculation Board (JAMB) details.
- Loan applications are processed via the NELFUND online portal, requiring accurate personal, academic, and Know Your Customer (KYC) information.
Loan Disbursement and Repayment
- Approved loans are disbursed directly to institutions to cover tuition and institutional charges, with optional upkeep allowances paid directly to students.
- Beneficiaries begin repayment two years after completing the National Youth Service Corps (NYSC) or exemption, with 10% of monthly income deducted under the Pay-As-You-Earn (PAYE) system or self-employment models.
Impact and Achievements
- As of August 15, 2025, NELFUND has disbursed ₦86 billion to 449,000 beneficiaries under its student loan scheme.
- The fund has approved the payment of upkeep loans and institutional charges for 260,000 students, with ₦250,000 allocated per student per annum.
The loan scheme is expected to increase access to higher education, reduce dropout rates, and promote socio-economic mobility across the country. By providing financial support to students, NELFUND aims to empower the next generation of Nigerians to achieve their academic and professional goals.
