NELFUND UNVEILS STUDENT LOAN GUIDELINES FOR PUBLIC INSTITUTIONS
By: Safiya Abdulrahim Dabban
The Nigerian Education Loan Fund (NELFUND) has released official guidelines for public universities, polytechnics, and colleges of education on the administration of the Federal Government’s Student Loan Scheme, established under the Student Loans (Access to Higher Education) Act, 2024.
The framework outlines eligibility requirements, online application procedures, loan disbursement, repayment terms, and institutional responsibilities. Approved funds will be paid directly to institutions for tuition, while optional upkeep allowances may be credited to students. Repayments are scheduled to begin two years after NYSC, with 10% of income deducted monthly.
NELFUND stressed fairness, accountability, and strict adherence to the Data Protection Act, warning that breaches by institutions could attract sanctions.
Managing Director, Mr. Akintunde Sawyerr, said the scheme is designed to break financial barriers, reduce dropout rates, and guarantee inclusive access to higher education.
“This initiative is about more than loans,” Sawyerr said. “It is about giving every Nigerian student a fair chance to succeed, regardless of financial background.”
The guidelines are available on the Fund’s official website, www.nelf.gov.ng.