NELFUND Unveils Guidelines for Federal Student Loan Scheme in Public Tertiary Institutions

The Nigerian Education Loan Fund (NELFUND) has released detailed guidelines for the implementation of the Federal Government’s Student Loan Scheme in public tertiary institutions, outlining criteria for eligibility, application procedures, disbursement, and repayment.

In a statement issued on Tuesday and signed by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications, NELFUND emphasized that only Nigerian citizens with valid admission into eligible institutions can apply. Applicants must provide their National Identification Number (NIN), Bank Verification Number (BVN), and Joint Admissions and Matriculation Board (JAMB) details.

Loan applications are to be submitted exclusively through NELFUND’s official portal at www.nelf.gov.ng. Applicants must upload personal, academic, and Know Your Customer (KYC) documentation. Upon approval, tuition and institutional charges will be paid directly to the respective institutions. Students may also receive optional upkeep allowances.

Repayment is scheduled to begin two years after the completion of the National Youth Service Corps (NYSC) or official exemption. Beneficiaries are expected to remit 10% of their monthly income either via the Pay-As-You-Earn (PAYE) system or alternative self-employment methods.

Tertiary institutions are required to verify loan applications within 20 working days, ensure prompt refunds when necessary, and meet specific reporting requirements. Non-compliance could result in sanctions, including possible suspension from the scheme.

NELFUND also reaffirmed its commitment to transparency, fairness, and strict compliance with the Nigeria Data Protection Act, 2023, in managing applicants’ information.

Speaking on the initiative, NELFUND Managing Director, Mr. Akintunde Sawyerr, said:

“These guidelines provide the roadmap for institutions and students to access the scheme transparently and effectively. This initiative is not just about providing loans, but about breaking financial barriers to education and fostering socio-economic growth.”