ABUJA, Nigeria – The Nigerian Education Loan Fund (NELFUND) has released comprehensive guidelines to streamline the administration of the Student Loan Scheme across public tertiary institutions nationwide.
In a statement issued in Abuja on Tuesday, and signed by Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, the Fund said the framework was designed to guarantee transparency and accountability in managing loans for students in universities, polytechnics, and colleges of education.
Applicants must be Nigerian citizens with valid admission into an accredited institution and provide identification such as NIN, BVN, and JAMB details. All applications will be processed through NELFUND’s online portal, with tuition fees paid directly to institutions and upkeep allowances optionally disbursed to students.
Repayment will commence two years after completion of the National Youth Service Corps (NYSC) or exemption, with 10 per cent of monthly income deducted under PAYE or self-employment arrangements. Institutions must verify applications within 20 working days, with sanctions applicable for non-compliance.
Managing Director, NELFUND, Mr Akintunde Sawyerr, described the scheme as “a bold step towards breaking financial barriers to education, nurturing skills, and building a future where every Nigerian student can succeed irrespective of background.”
