NELFUND Student Loan Update: The Nigerian Education Loan Fund (NELFUND) to launch a centralized job site to help student loan recipients find work.
NELFUND Student Loan Update 2025/2026
About 396,000 students, many of whom were first-time students attending Nigerian universities, have received tuition and maintenance loans from NELFUND.
Targeting efficient education finance, the Nigerian Education Loan Fund (NELFUND) reported on Thursday the successful release of tuition and maintenance loans to over 396,000 students across the nation, many of whom were first-generation college students.
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NELFUND also stated that it was building a consolidated job site to provide beneficiaries with early access to work possibilities in Nigeria and overseas.
Akintunde Sawyerr, Managing Director of NELFUND, announced the developments on Thursday at a media interaction series in Abuja to commemorate one year since the scheme’s inception.
Sawyerr stated that the organization did not promise jobs, but it was poised to play a significant role in adolescent employment.
During the agency’s virtual 2025 media interaction, Sawyerr highlighted the job program as a game-changing move toward democratizing access to higher education through long-term, interest-free financing.
He thanked President Bola Tinubu’s government and the Renewed Hope Agenda for generating the political will that resulted in the establishment of NELFUND, describing the fund as a future foundation.
You must be asking, “How can I access this student loan?” Don’t worry! That is why I am sharing this quick update. Continue reading to learn more about the NelFund student loan.
Eligibility Criteria For Nelfund Student Loan
You must fulfill certain requirements to be eligible for a student loan. They are:
- Nigerians are eligible to apply.
- To get the loan, students must be admitted into any authorized universities, polytechnics, colleges of education, and vocational schools.
- To qualify for the loan, verify that your institution submits your data to the Nelfund site.
What are the Required Documents For The Loan Application?
To finish the loan application procedure, you must first prepare several documents. They are:
- The JAMB admission letter will serve as verification of your admission to the college.
- National Identification Number (NIN).
- Bank Verification Number (BVN).
- Student matriculation or registration number.
How to Apply for the NELFUND Student Loan: Step-By-Step Guide
Here are the steps to apply for the loan:
- Check Your Eligibility and Compile the Required Records.
Here, you must be eligible and get the required documents ready. This enables you to decide what to do next.
2. Access the Nelfund Online Portal
Visit the official Nelfund website and establish an account with your email address and a strong password. However, you already have an account; simply enter your information to log in.
3. Fill out the Nelfund Application Form
Your name, birthdate, and contact information are required pieces of personal information. Then, fill out the academic information, including your institution’s name, course of study, and year of study. You must also describe your financial condition and why you need the loan.
4. Upload the required documents
Proceed to upload clear and readable copies of all essential papers. Ensure that the documents are uploaded successfully and meet the appropriate size and format standards.
5. Review and submit Your Application
Review all of the information you’ve supplied to check its accuracy and completeness. You may then submit your application. You will receive a confirmation email with further instructions on the next steps.
6. Await Processing And Approval
Your application will be evaluated. After successful verification, payments will be made to your institution for institutional charges, and the maintenance loan will be sent to the bank account you have supplied in your profile.
What are the Benefits of the Student Loan Initiative?
- A road to educational accessibility without financial barriers.
- Interest-free loans for education.
- All qualified candidates have equal access to higher education.
- Reduced financial burden for students and families.
- Reduced rate of poverty in the country
- Access to funds while studying in any institution in Nigeria
Major Provisions for the NELFUND Student Loan
Some provisions are intended for students applying for the loan. They are:
- Repayment Terms: The loan begins two (2) years after finishing the mandatory National Youth Service Corps (NYSC) program. 10% of the beneficiary’s salary will be withdrawn until the loan is fully repaid.
- Loan Forgiveness: The loan includes a condition for debt forgiveness. This comes into effect in the event of permanent incapacity or death, guaranteeing that the student’s family does not bear the financial burden.
- Hardship Considerations: If beneficiaries are unable to find work after completing their NYSC, they can request a loan payback extension. They must provide an affidavit and further documentation of their position.
- False Information Penalties: Providing false information during the application process is a severe offense punishable by up to three years in jail.
Frequently Asked Questions (FAQs)- Nelfund Student Loan
1. Can I get the Nelfund Student Loan while studying abroad?
No, student loans are not accessible to Nigerian students who are studying overseas. You must be a Nigerian student enrolled in a public tertiary institution or vocational college to be eligible for the loan.
Will the Nelfund loan be paid into my account?
The Nelfund will make the loan straight to your university to cover tuition. If you include a monthly maintenance allowance of N20,000 in your application, you will get it immediately into your account.
How Do I Apply for the Nelfund Student Loan Online?
You may apply for the loan by going to Nelfund’s official website and entering your personal information, as well as the relevant papers, which include your JAMB admission letter, BVN, NIN, and matriculation or registration number.
When will I begin repaying my student loan?
You will begin repaying the loan two (2) years after completing NYSC. 10% of your earnings will be withdrawn until the payback is completed.
Who is qualified to apply for a student loan?
Who is eligible for loans under this Act? Students who have been admitted to any of Nigeria’s public universities, polytechnics, colleges of education, or vocational institutions must provide evidence of admission, which contains their name, date of birth, admission number, JAMB number, matriculation number, and BVN.
How do I open a Nelfund account?
Create an account. Enter your email address and create a secure password. Confirm your password and then click “Create Account.” Verify your email. Check your email for a verification link from NELFUND. Click the link to activate your account.
Is the Student’s Loan the same as the Nigerian Education Bank?
No. The Student Loan Act abolished the Nigerian Education Bank Act and provided a framework for giving zero-interest loans to qualified Nigerian students seeking to study at any higher education institution.
Who administers the loans to the students?
The loans will be handled by the Nigerian Education Loan Fund (NELFUND), which was formed by legislation to carry out the Fund’s day-to-day operations. It is led by a Managing Director chosen by the President of Nigeria.
Is the loan open to all tertiary institutions?
The Loan is offered to all public tertiary institutions. The first portion of the loan is exclusively available to students studying or wishing to study at Nigerian government higher education institutions. The remaining phases will be disclosed in due course.
Can a Direct Entry Student into higher institutions apply for the loan?
Yes, however, the student must have a JAMB number.
Will the loan be available for all students or only applicants?
All full-time students are eligible for the loan, but only those who apply will benefit from it.
How much loan may students request?
That would depend on each institution’s institutional charge. The loan will cover the cost of institutional fees and maintenance, if requested by the student.
The institutional expenses will be reimbursed directly to the applicants’ institutions, while the maintenance will be paid to the applicants in monthly installments.
Will the applicant have to make any payments before the loan is disbursed?
There is no payment necessary before loan disbursements.
Is there any interest owed on the loan?
There is no interest on the loan.
Is the loan available to all students?
The loan is available to both new and current full-time students at academic institutions.
How are loan applications handled, and what is the payout time frame?
Applications are submitted online. Candidates must submit some personal information, such as the name of the educational institution and the JAMB admission number. Date of Birth. After applications are accepted, NIN, BVN, and NELFUND will provide funding within 30 days.
Conclusion
In conclusion, It is impossible to overstate the importance of the Nelfund student loan in enabling Nigerians to pursue higher education without facing financial obstacles.
Enjoy this opportunity to study in Nigeria at ease.
