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NELFUND releases guidelines for administration of student loans, may suspend institutions for breaches
By Clifford Ejenavi The Nigerian Education Loan Fund (NELFUND) has officially released the guidelines for public tertiary institutions on the administration of the student loan scheme established under the Student Loans (Access to Higher Education) Act, 2024, adding that breaches may attract sanctions, including suspension from the scheme. The guidelines were contained in a statement…
By Clifford Ejenavi
The Nigerian Education Loan Fund (NELFUND) has officially released the guidelines for public tertiary institutions on the administration of the student loan scheme established under the Student Loans (Access to Higher Education) Act, 2024, adding that breaches may attract sanctions, including suspension from the scheme.
The guidelines were contained in a statement signed by Director, Strategic Communications, NELFUND, Mrs. Oseyemi Oluwatuyi, on Tuesday August 26, 2025 in Abuja.
The guidelines according to the statement, 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 for Nigerian students seeking financial support for their education.
Key Highlights of the Guidelines:
• Eligibility: Applicants must be Nigerian citizens with valid admission into an Eligible Tertiary Institution (ETI) and provide key identification such as NIN, BVN, and JAMB details.
• Application: All loan requests will be processed via the NELFUND online portal (www.nelf.gov.ng), requiring accurate personal, academic, and KYC information.
• Loan Disbursement: Approved loans will be disbursed directly to institutions to cover tuition and institutional charges. Optional upkeep allowances may be paid directly to students.
• Repayment: Beneficiaries will begin repayment two years after completing NYSC or exemption, with 10% of income remitted monthly under PAYE or self-employment models.
• Compliance & Accountability: Institutions are obligated to verify applications within 20 working days, process refunds where necessary, and comply with reporting requirements. Breaches may attract sanctions, including suspension from the scheme.
• Ethics & Data Protection: The Fund commits to fairness, equity, non-discrimination, and strict compliance with Nigeria’s Data Protection Act 2023.
Speaking on the release, the Managing Director/Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, noted “This initiative goes beyond providing loans; it is about removing financial barriers to education, fostering skills development, and building a future where every Nigerian student can achieve their potential regardless of background. These guidelines provide the roadmap for institutions and students to access the scheme transparently and effectively.”
The statement said the guidelines are issued in line with Section 23(3) of the Student Loans Act 2024 and mark a significant milestone in the Federal Government’s commitment to ensuring inclusive access to higher education, reducing dropout rates, and fostering socio-economic mobility.
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