The Nigerian Education Loan Fund (NELFUND) has officially released the Guidelines for Public Tertiary Institutions on the administration of the Federal Government’s Student Loan Scheme, established under the Student Loans (Access to Higher Education) Act, 2024.
The new guidelines provide a comprehensive framework for universities, polytechnics, and colleges of education to ensure transparent, inclusive, and accountable implementation of the loan programme. The initiative is designed to expand access to higher education and eliminate financial barriers for Nigerian students.
Key Provisions of the Guidelines include:
Eligibility: Applicants must be Nigerian citizens, duly admitted into an Eligible Tertiary Institution (ETI), and provide valid identification such as NIN, BVN, and JAMB details.
Application Process: All applications are to be submitted through the NELFUND online portal (www.nelf.gov.ng) with complete academic, personal, and KYC information.
Loan Disbursement: Funds will be paid directly to institutions for tuition and charges, while optional upkeep allowances may be disbursed directly to students.
Repayment: Beneficiaries will begin repayment two years after completing NYSC or receiving an exemption, with 10% of monthly income deducted under PAYE or self-employment arrangements.
Compliance: Institutions must verify applications within 20 working days, ensure timely refunds where necessary, and adhere to reporting requirements. Non-compliance may attract sanctions, including suspension from the scheme.
Ethics & Data Protection: The process will uphold fairness, non-discrimination, and full compliance with the Nigeria Data Protection Act, 2023.
Speaking on the development, NELFUND Managing Director, Mr. Akintunde Sawyerr, emphasized:
> “This initiative is about breaking financial barriers to education, empowering skills development, and creating opportunities for all Nigerian students. The guidelines serve as a clear roadmap for institutions and beneficiaries to access the scheme with transparency and accountability.”
The release of the guidelines marks a significant step in the Federal Government’s commitment to inclusive access to higher education, reducing dropout rates, and fostering socio-economic mobility.
For more information and access to the guidelines, please visit www.nelf.gov.ng or contact us via email at info@nelf.gov.ng. Updates are also available on NELFUND’s official social media platforms:
X (Twitter): @nelfund
Instagram: @nelfund
Facebook & LinkedIn: Nigerian Education Loan Fund – NELFUND
