The Nigerian Education Loan Fund (NELFUND) has unveiled comprehensive guidelines for administering the Federal Government’s Student Loan Scheme across public tertiary institutions. The rules cover eligibility, application, disbursement, and repayment procedures, and aim to ensure transparency and accountability.
In a statement issued on Tuesday by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications, NELFUND stated that only Nigerian citizens with valid admission into eligible institutions can apply. Applicants are required to provide their National Identification Number (NIN), Bank Verification Number (BVN), and Joint Admissions and Matriculation Board (JAMB) details.
Applications must be submitted via the NELFUND online portal at www.nelf.gov.ng, with students required to upload their personal, academic, and Know Your Customer (KYC) details. Once approved, the loans will be paid directly to the students’ institutions to cover tuition and other mandatory fees. Optional upkeep allowances may also be disbursed to students.
Repayment of the loans will begin two years after completion of the National Youth Service Corps (NYSC) or official exemption. Beneficiaries will remit 10% of their monthly income, either through the Pay-As-You-Earn (PAYE) system or other self-employment channels.
NELFUND also stated that institutions must verify loan applications within 20 working days and handle any necessary refunds. Failure to comply with the provisions may result in sanctions, including suspension from the scheme.
In addition, the agency reaffirmed its commitment to fairness, equity, and strict compliance with the Nigeria Data Protection Act, 2023, in handling students’ data.
Commenting on the development, NELFUND Managing Director, Mr. Akintunde Sawyerr, said the initiative aims not only to provide financial aid but also to break long-standing barriers to education and promote national development.
“These guidelines provide the roadmap for institutions and students to access the scheme transparently and effectively,” Sawyerr said.
