The Nigerian Education Loan Fund, NELFUND, has released comprehensive guidelines for universities, polytechnics, and colleges of education on the implementation of the Federal Government’s landmark Student Loan Scheme.
The guidelines, issued under the Student Loans, Access to Higher Education, Act, 2024, are designed to ensure a transparent, inclusive, and accountable process for Nigerian students seeking financial support for their education.
A statement issued by the Fund’s Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, on Tuesday, said key provisions of the guidelines include strict eligibility criteria requiring applicants to be Nigerian citizens with valid admission into an Eligible Tertiary Institution, ETI, along with compulsory identification such as NIN, BVN, and JAMB details.
Oluwatuyi added that loan applications will be processed exclusively through the official NELFUND online portal, www.nelf.gov.ng.
She said approved loans will be disbursed directly to institutions to cover tuition and institutional charges, while upkeep allowances may be paid directly to students.
Beneficiaries are expected to commence repayment two years after completing the National Youth Service Corps, NYSC, programme or upon exemption, with 10 percent of their income remitted monthly under the Pay-As-You-Earn, PAYE, system or through self-employment models.
The Fund also noted that institutions are mandated to verify applications within 20 working days, process refunds where necessary, and comply with reporting requirements.
NELFUND warned that non-compliance could attract sanctions, including suspension from the scheme. The guidelines also emphasise fairness, equity, non-discrimination, and adherence to the Data Protection Act, 2023.
Speaking on the development, NELFUND Managing Director, Mr. Akintunde Sawyerr, described the initiative as more than just a financial support programme.
“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,” he said.
The guideline are part of efforts by the Federal Government to expand access to higher education, reduce dropout rates, and promote socio-economic mobility.
