The Nigerian Education Loan Fund (NELFUND) has unveiled comprehensive guidelines for the rollout of the Federal Government’s Student Loan Scheme in public tertiary institutions across the country.
In a statement on Tuesday, NELFUND’s Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, explained that the rules cover eligibility, application, loan disbursement, and repayment procedures.
According to the guidelines, applicants must be Nigerian citizens with valid admission into an eligible tertiary institution. They will also be required to provide their National Identification Number (NIN), Bank Verification Number (BVN), and Joint Admissions and Matriculation Board (JAMB) details.
Loan applications will only be processed through the official NELFUND portal (www.nelf.gov.ng), where beneficiaries must submit their personal, academic, and Know-Your-Customer (KYC) information. Once approved, funds will be paid directly to institutions to cover tuition and other compulsory fees, while students may also apply for optional upkeep allowances.
On repayment, the scheme stipulates that beneficiaries will begin repayment two years after completing the National Youth Service Corps (NYSC) or receiving an exemption. Repayments will amount to 10 percent of monthly income, deducted either through the Pay-As-You-Earn (PAYE) system or self-employment arrangements.
Institutions, on their part, are expected to verify applications within 20 working days, ensure refunds where applicable, and maintain compliance with all reporting obligations. Any breach of these provisions may result in sanctions, including suspension from the loan scheme.
NELFUND emphasized its commitment to fairness, transparency, and compliance with the Nigeria Data Protection Act, 2023, in the management of students’ information.
Managing Director of NELFUND, Mr. Akintunde Sawyerr, described the initiative as a crucial step toward eliminating financial barriers to education and promoting socio-economic development.
“These guidelines provide a clear roadmap for both institutions and students to access the scheme in a transparent and effective manner,” Sawyerr stated.
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