Ahead of the Students' Loan portal launch this Friday, the Nigeria Education Loan Fund (NELFUND) has announced that it will initially offer loans to students in federal tertiary institutions. The Fund specified that only students from institutions that have uploaded their data onto its dashboard will be eligible to apply.
Akintinde Sawyerr, Managing Director/Chief Executive Officer of NELFUND, made this announcement on Monday during a Pre-Application Sensitisation Press Conference in Abuja. He stated that the first phase of the scheme will benefit 1.2 million students from federal universities, polytechnics, colleges of education, and technical colleges.
Sawyerr encouraged students in federal institutions to visit the website [www.nelf.gov.ng](http://www.nelf.gov.ng) to apply starting May 24. Students from state universities and vocational skills centers will be able to apply at a later date.
To apply, students will need a Joint Admission and Matriculation Board admission letter, National Identity Number, Bank Verification Number, and a completed application form from the website.
“Applicants can access online support for any questions or concerns during the application process. We believe that education is a vital investment for the future, and this student loan initiative by Mr. President is a testament to that commitment,” Sawyerr said.
One key feature of the program is the absence of physical contact between the loan applicants and NELFUND, with a user-friendly portal allowing students to submit their applications conveniently. Sawyerr urged students to apply promptly to ensure timely processing.
In addition to the interest-free loan, applicants will also receive monthly stipends for upkeep, though the amount has not been disclosed. “We will look closely at each application and decide based on several factors what fees will be paid. The fees for the institution will be paid directly to the institution per session,” Sawyerr explained.
Sawyerr emphasized the role of institutions in providing data on fees at various levels and highlighted ongoing collaborations with security agencies to prevent fraud.
Last month, President Bola Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law. This Act empowers NELFUND to provide loans for tuition, fees, and upkeep to qualified Nigerian students in approved public tertiary institutions and vocational establishments. The new law, which repeals the Student Loan Act of 2023, removes the family income threshold, allowing all Nigerian students to apply for loans and take responsibility for repayment according to the Fund’s guidelines.
