NELFUND Releases Guidelines for the Administration of Student Loans in Public Tertiary Institutions
NELFUND Releases Guidelines for the Administration of Student Loans in Public Tertiary Institutions
UmarFarouk123 
The Nigerian Education Loan Fund (NELFUND) has officially issued operational guidelines to public universities, polytechnics, and colleges of education for the administration of the Student Loan Scheme established under the Student Loans (Access to Higher Education) Act, 2024.
The new framework is designed to ensure transparency, accountability, and inclusiveness in providing financial support to Nigerian students.
Key Provisions of the Guidelines:
-
Eligibility: Applicants must be Nigerian citizens with valid admission into an eligible tertiary institution (ETI). Required documentation includes NIN, BVN, and JAMB details.
-
Application Process: All applications will be submitted through the NELFUND online portal (www.nelf.gov.ng) with accurate personal, academic, and KYC information.
-
Loan Disbursement: Tuition and institutional charges will be paid directly to schools, while optional upkeep allowances may be credited to students.
-
Repayment: Beneficiaries will begin repayment two years after NYSC or exemption, remitting 10% of monthly income under PAYE or self-employment models.
-
Institutional Responsibility: Schools must verify applications within 20 working days, process refunds where necessary, and comply with reporting obligations. Defaulters risk sanctions, including suspension from the scheme.
-
Ethics and Data Protection: NELFUND commits to fairness, non-discrimination, and strict compliance with the Nigeria Data Protection Act, 2023.
Speaking at the release, NELFUND Managing Director, Mr. Akintunde Sawyer, said “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, issued in line with Section 23(3) of the Student Loans Act 2024, mark a major step in the Federal Government’s drive to expand inclusive access to higher education, reduce dropout rates, and strengthen socio-economic mobility across the country.
