Abuja – 26 August, 2025 – The Nigerian Education Loan Fund (NELFUND) has officially released the Guidelines for Public Tertiary Institutions on the administration of the Student Loan Scheme established under the Student Loans (Access to Higher Education) Act, 2024.
The guidelines are designed to provide a clear framework for universities, polytechnics, and colleges of education to support the smooth implementation of the student loan programme.
According to NELFUND, the aim is to ensure transparent, inclusive, and accountable processes for Nigerian students seeking financial support to further their education.
The new NELFUND guidelines:
1. 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.
3. All loan application requests will be processed via the NELFUND online portal (www.nelf.gov.ng), requiring accurate personal, academic, and KYC information.
3. Approved loans will be disbursed directly to institutions to cover tuition and institutional charges. Optional upkeep allowances may be paid directly to students.
4. Beneficiaries will begin repayment two years after completing NYSC or exemption, with 10% of income remitted monthly under PAYE or self-employment models.
5. 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.
6. The Fund commits to fairness, equity, non-discrimination, and strict compliance with Nigeria’s Data Protection Act 2023.
Speaking on the release of the guidelines, Mr. Akintunde Sawyerr, Managing Director of NELFUND, stated, “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 represent a significant milestone in the Federal Government’s commitment to inclusive access to higher education.
NELFUND noted that the framework will also help reduce student dropout rates and support socio-economic mobility across the country.