Amoo Adewale

The Nigerian Education Loan Fund (NELFUND) has released new guidelines for the administration of student loans in public tertiary institutions.

In a statement signed by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, on 26 August 2025 in Abuja, the agency outlined the procedures students must follow to access the loan, which covers institutional charges and optional upkeep.

“The guidelines provide a clear framework for universities, polytechnics, and colleges of education to support the seamless implementation of the student loan programme, ensuring transparent, inclusive, and accountable processes of financial support for Nigerian students,” the statement read in part.

To qualify, applicants are required to provide their Bank Verification Number (BVN), National Identification Number (NIN), and Joint Admissions and Matriculation Board (JAMB) details. Applications must be submitted via the NELFUND portal. Repayment is scheduled to begin after the completion of the National Youth Service Corps (NYSC), with 10 percent of the beneficiary’s salary deducted monthly.

The agency assured that the process will be guided by fairness, equity, and non-discrimination, while also affirming its strict compliance with Nigeria’s Data Protection Act 2023.

NELFUND’s Managing Director, Mr. Akintunde Sawyer, stressed that the initiative is aimed at more than just providing loans. “It is about removing barriers to education, fostering skill development, and building a future where every Nigerian student can achieve their potential regardless of background,” he said.