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The Nigerian Education Loan Fund (NELFUND) on Tuesday officially released the Guidelines for Public Tertiary Institutions on the administration of the landmark Student Loan Scheme established under the Student Loans (Access to Higher Education) Act, 2024.
A statement by Mrs. Oseyemi Oluwatuyi, Director, Strategic Communications
Nigerian Education Loan Fund (NELFUND), said the guidelines provided a clear framework for universities, polytechnics, and colleges of education to support the seamless implementation of the student loan programme.
It said that it will further ensure transparent, inclusive, and accountable processes for Nigerian students seeking financial support for their education.
Key Highlights of the Guidelines include:
"• Eligibility: Applicants must be Nigerian citizens with valid admission into an Eligible Tertiary Institution (ETI) and provide key identification such as NIN, BVN, and JAMB details.
"• Application: All loan requests will be processed via the NELFUND online portal (www.nelf.gov.ng), requiring accurate personal, academic, and KYC information.
"• Loan Disbursement: Approved loans will be disbursed directly to institutions to cover tuition and institutional charges. Optional upkeep allowances may be paid directly to students.
"• Repayment: Beneficiaries will begin repayment two years after completing NYSC or exemption, with 10% of income remitted monthly under PAYE or self-employment models.
"• Compliance & Accountability: Institutions are obligated to verify applications within 20 working days, process refunds where necessary, and comply with reporting requirements. Breaches may attract sanctions, including suspension from the scheme.
"• Ethics & Data Protection: The Fund commits to fairness, equity, non-discrimination, and strict compliance with Nigeria’s Data Protection Act 2023."
Speaking on the release, Mr. Akintunde Sawyerr, Managing Director/ of NELFUND, noted:
“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.
"These guidelines provide the roadmap for institutions and students to access the scheme transparently and effectively.”
The guidelines are issued in line with Section 23(3) of the Student Loans Act 2024 and mark a significant milestone in the Federal Government’s commitment to ensuring inclusive access to higher education, reducing dropout rates, and fostering socio-economic mobility.
"For further details and access to the guidelines, please contact us via email at info@nelf.gov.ng or reach out through our official social media platforms:
1. X (formerly Twitter): @nelfund
2. Instagram: @nelfund
3. Facebook & LinkedIn: Nigerian Education Loan Fund – NELFUND" the statement stated