NELFUND Issues Guidelines for Student Loan Scheme, Promises Transparent Access in Tertiary Schools

The Nigerian Education Loan Fund (NELFUND) has released guidelines for the Federal Government’s Student Loan Scheme, setting a framework to ensure transparency and inclusiveness in public tertiary institutions.

The initiative, backed by the Student Loans (Access to Higher Education) Act, 2024, is aimed at removing financial barriers for students while promoting accountability and sustainability.

Under the rules, applicants must be Nigerian citizens with valid admission into an Eligible Tertiary Institution (ETI) and provide their National Identification Number (NIN), Bank Verification Number (BVN), and JAMB details.

Highlights of the guidelines include:

Applications to be made via the official NELFUND portal (www.nelf.gov.ng).

Funds disbursed directly to institutions for tuition, with optional upkeep allowances sent to students.

Repayment to begin two years after NYSC (or exemption), with 10% of monthly income deducted.

Institutions must verify applications within 20 working days or face sanctions for non-compliance.

Strict adherence to the Data Protection Act, 2023, with a pledge of fairness and non-discrimination.

Speaking at the unveiling, NELFUND Managing Director, Mr. Akintunde Sawyerr, said the scheme goes beyond loans.
“It is about breaking financial barriers, fostering skills, and building a future where every Nigerian student can thrive, regardless of background,” he stated.

The release of the guidelines, issued under Section 23(3) of the Student Loans Act 2024, is seen as a milestone in Nigeria’s drive for inclusive education, reducing dropout rates, and boosting social mobility.

Students, parents, and institutions have been urged to study the provisions and take advantage of the scheme as implementation begins.