The Nigerian Education Loan Fund (NELFUND) has rolled out detailed guidelines to public universities, polytechnics, and colleges of education on how to administer the Federal Government’s landmark Student Loan Scheme, giving clear direction for its nationwide implementation.
The new framework, according to NELFUND, is designed to ensure transparent, inclusive, and accountable processes for Nigerian students seeking financial support for higher education.
Key provisions include:
- Eligibility: Only Nigerian citizens with valid admission into approved tertiary institutions can apply, using details such as NIN, BVN, and JAMB.
- Application: All applications will be submitted via the official portal — www.nelf.gov.ng.
- Disbursement: Loans will be paid directly to schools for tuition and charges, while upkeep allowances may be sent to students.
- Repayment: Beneficiaries will start repayment two years after NYSC or exemption, with 10% of monthly income deducted under PAYE or self-employment models.
- Compliance: Institutions must verify applications within 20 working days, refund when necessary, and submit regular reports. Breaches may attract sanctions, including suspension.
- Data Protection: The scheme will operate under Nigeria’s Data Protection Act 2023, with a commitment to fairness and equity.
Managing Director of NELFUND, Mr. Akintunde Sawyerr, said the initiative is more than just financial aid but a means of breaking barriers to education.
“This initiative goes beyond providing loans; it is about removing financial barriers, fostering skills, and building a future where every Nigerian student can achieve their potential regardless of background,” he said.
The Fund’s Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, added that the full guidelines are available on the agency’s website.