The Nigerian Education Loan Fund (NELFUND) has released the official guidelines for the administration of student loans in public tertiary institutions, marking a major step in the implementation of the Student Loans (Access to Higher Education) Act, 2024.
The guidelines are designed to streamline access to financial aid for students in universities, polytechnics, and colleges of education, ensuring transparency and accountability in the loan process.
According to NELFUND, eligible applicants must be Nigerian citizens with valid admission into an approved tertiary institution and provide key identification documents such as NIN, BVN, and JAMB details. Loan requests will be processed through the NELFUND online portal, requiring accurate academic and personal information.
Approved loans will be disbursed directly to institutions to cover tuition and related charges, with optional upkeep allowances payable to students. Repayment is scheduled to commence two years after completing the National Youth Service Corps (NYSC) or obtaining an exemption, with 10 percent of income remitted monthly under PAYE or self-employment models.
Institutions are required to verify applications within 20 working days, process refunds where applicable, and comply with strict reporting standards. The Fund also emphasized its commitment to fairness, equity, non-discrimination, and adherence to the Data Protection Act 2023.
Managing Director of NELFUND, Mr. Akintunde Sawyer, explained that the initiative is aimed at removing financial barriers to education and creating opportunities for all Nigerians. “This initiative goes beyond providing loans; it is about fostering skills development and building a future where every Nigerian can achieve their potential regardless of background,” he said.
The Federal Government described the guidelines as a milestone in its efforts to expand access to higher education, reduce poverty, and foster socio-economic mobility.
