By Reportcircle, Abuja
The Nigerian Education Loan Fund (NELFUND) has released the official guidelines for the administration of the Federal Government’s landmark Student Loan Scheme in public tertiary institutions, setting a clear framework for transparent and inclusive access to higher education financing.
The scheme, established under the Student Loans (Access to Higher Education) Act, 2024, is designed to eliminate financial barriers for Nigerian students while ensuring accountability and sustainability in its management.
According to the new guidelines, eligibility requires applicants to be Nigerian citizens with valid admission into an Eligible Tertiary Institution (ETI).
Applicants must also provide key identification details, including National Identification Number (NIN), Bank Verification Number (BVN), and JAMB records.
Key Provisions of the Guidelines
Application Process: All loan applications will be submitted via the official NELFUND portal (www.nelf.gov.ng) with accurate academic and KYC details.
Loan Disbursement: Approved funds will be paid directly to institutions to cover tuition and other institutional charges, while optional upkeep allowances may be credited directly to students.
Repayment: Beneficiaries will begin repayment two years after completing the NYSC programme (or exemption), contributing 10% of their monthly income either through PAYE or self-employment remittances.
Institutional Accountability: Institutions are mandated to verify applications within 20 working days, comply with reporting obligations, and process refunds where necessary. Breaches may attract sanctions, including suspension from the scheme.
Ethics & Data Protection: The Fund emphasized compliance with Nigeria’s Data Protection Act 2023 and pledged fairness, equity, and non-discrimination in the loan administration process.
Speaking at the unveiling, NELFUND Managing Director, Mr. Akintunde Sawyerr, described the initiative as more than a financial aid 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 release of the guidelines, issued under Section 23(3) of the Student Loans Act 2024, marks what officials describe as a “milestone in Nigeria’s renewed commitment to inclusive education, reducing dropout rates, and advancing socio-economic mobility.”
NELFUND urged students, parents, and institutions to familiarize themselves with the provisions and take advantage of the scheme as implementation begins.
