The Nigerian Education Loan Fund (NELFUND) has officially released comprehensive guidelines for the administration of student loans in public tertiary institutions under the Student Loans (Access to Higher Education) Act, 2024.
The new framework is designed to provide clear, transparent, and accountable processes to help Nigerian students access financial support for their education, covering universities, polytechnics, and colleges of education nationwide.
Applicants must be Nigerian citizens with valid admission into an eligible tertiary institution and provide key identification such as National Identification Number (NIN), Bank Verification Number (BVN), and JAMB details.
All loan applications will be processed via the NELFUND online portal, requiring accurate personal, academic, and KYC information. Approved loans will be disbursed directly to institutions to cover tuition and institutional charges.
Optional upkeep allowances may also be available for living expenses. Beneficiaries will begin repayment two years after completing NYSC or upon securing employment, with deductions of 10% of monthly income under PAYE or self-employment models. Institutions must establish student loan management offices to coordinate applications, track disbursements, and report utilization. Non-compliance will attract penalties, including suspension from the scheme.
Speaking on the release, NELFUND Acting Director, Mr. Akintunde Sawyer, described the guidelines as a significant step toward democratizing access to higher education.
“These guidelines are a major milestone in implementing the Student Loans Act 2024,” Sawyer said.
“They reflect our dedication to promoting inclusive education, reducing financial barriers, and fostering a culture of opportunity for Nigerian youths. By working together, we can build a stronger foundation for national development.”
NELFUND also emphasized its commitment to accountability, sustainability, and collaboration with tertiary institutions and other stakeholders to ensure the scheme delivers measurable impact.
