NELFUND releases guidelines for student loan scheme in public tertiary institutions
The Nigerian Education Loan Fund (NELFUND) has released official guidelines for the administration of the student loan scheme in public tertiary institutions across the country.
In a statement issued on Tuesday, Oseyemi Oluwatuyi, director of strategic communications at NELFUND, said the guidelines are designed to ensure a transparent, inclusive, and accountable process for students seeking financial assistance under the Student Loans (Access to Higher Education) Act, 2024.
Oluwatuyi said the framework provides clear responsibilities for universities, polytechnics, and colleges of education in managing applications and disbursements.
The guidelines highlight only Nigerian citizens with valid admission into an eligible tertiary institution (ETI) can apply, and applicants must provide details such as national identity number (NIN), bank verification number (BVN), and Joint Admission and Matriculations Board (JAMB) records.
The guidelines also indicate that all requests will be made through the NELFUND online portal (www.nelf.gov.ng) using verified academic and personal details, while approved funds will be paid directly to institutions to cover tuition and related charges, while upkeep allowances may be sent directly to students.
Beneficiaries, according to the guidelines, are expected to begin repayment two years after completing NYSC or its exemption, with 10 percent of income deducted monthly through PAYE or self-employment models.
The guidelines noted that schools must verify applications within 20 working days, process refunds where necessary, and adhere to reporting requirements or risk sanctions, including suspension from the scheme.
Oluwatuyi reiterated that NELFUND will always adhere strictly to fairness, equity, and the Nigeria Data Protection Act 2023.
Speaking on the guidelines, Akintunde Sawyerr, NELFUND’s managing director, said the scheme is about more than financial aid.
“This initiative goes beyond providing loans; it is about removing financial barriers to education, fostering skills development, and building a future where every Nigerian student can achieve their potential regardless of background,” Sawyerr said.
The guidelines, issued in line with section 23(3) of the Student Loans Act 2024, mark what NELFUND described as a major step in the federal government’s efforts to expand access to higher education, reduce dropout rates, and promote social mobility.
