The Nelfund Student Loan through the Nigerian Education Loan Fund (NELFUND) has announced that 449,000 students across 218 institutions have so far benefited from its student loan scheme, with over N85 billion disbursed for tuition and upkeep.
Managing Director Akintunde Sawyerr revealed that repayment will begin two years after beneficiaries complete their National Youth Service Corps (NYSC). For those without jobs, NELFUND will connect them to employment opportunities via a planned job portal before deductions begin.
RECOMMENDED FOR YOU: Complete NELFUND Student Loan 2025 Application Guide
Key Facts
1. Applications received: 724,000 students
2. Approved beneficiaries: 449,000 students
3. Institutions covered: 218 federal and state tertiary institutions
4. Tuition paid: N47 billion directly to institutions
5. Upkeep allowances paid: N38 billion to beneficiaries
Step-by-Step Loan Repayment Process:
1. Graduation & NYSC Completion
After completing NYSC, graduates have a two-year grace period before repayment begins.
2. Employment Status Check
If employed, repayment starts automatically.
If unemployed, NELFUND will help connect beneficiaries to jobs through a dedicated online portal.
3. Repayment Method (Employed Beneficiaries)
Employers check a central database to confirm if new hires have an outstanding NELFUND loan.
With the employee’s consent, 10% of salary or wages is deducted monthly and sent to NELFUND.
4. Repayment Method (Self-Employed Beneficiaries)
Self-employed graduates must remit 10% of their monthly income directly to NELFUND.
5. Tracking & Accountability
All beneficiaries are identifiable via BVN and bank account details to prevent default.
6. Refunds for Duplicate Payments
If a student has already paid fees before NELFUND’s payment, institutions must refund the amount (minus any administrative charges).
7. No Favouritism Policy
Beneficiaries are selected strictly on verification and eligibility, not personal connections.
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Conclusion
The NELFUND student loan programme is designed not only to ease the financial burden of higher education but also to support graduates in finding employment before repayment begins.
With a structured two-year grace period after NYSC, transparent deductions, and employer-backed repayments, the scheme aims to make education financing fair and sustainable.
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