NELFUND Receives Over 745,000 Student Loan Applications

The Nigerian Education Loan Fund (NELFUND) has received more than 745,000 applications for its interest-free student loan scheme.

Notably, 2,700 of these applications were submitted within the last 24 hours, demonstrating a strong interest in the program.

As of now, NELFUND has disbursed over N80 billion to Nigerian institutions, benefiting more than 400,000 students. The loan scheme covers tuition fees and, optionally, a monthly stipend of N20,000 for personal upkeep.

The loan is provided at zero interest, making it accessible to students from low-income backgrounds.NELFUND offers two types of loans: institutional loans and student upkeep loans.

The school fees element is disbursed directly to the school, while the upkeep loan is paid to the student.Loan repayment commences two years after completing the National Youth Service Corps (NYSC) program, with a repayment plan based on the graduate's income level.