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How To Apply for NELFUND Student Loan In Few Steps

The fastest way to apply for the NELFUND student loan.

nelfund logo

The Nigerian Education Loan Fund (NELFUND) is a government initiative designed to provide financial support to Nigerian students seeking higher education. We give you steps on how to apply for NELFUND student loan in few steps. Established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024, NELFUND offers zero-interest loans to eligible students to cover tuition, fees, and living expenses while they pursue academic and vocational training within Nigeria. The fund aims to ensure that financial barriers do not hinder the educational aspirations of Nigerian youth, thereby fostering national development through an educated workforce.

The NELFUND student loan portal officially opened on May 24, 2024, marking a significant milestone in the Nigerian government’s commitment to accessible and inclusive education. Managed by a board of directors and led by a managing director, NELFUND operates with transparency and efficiency to support the nation’s students. The opening of the portal was widely publicized, inviting all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of Nigeria.

Under the leadership of Managing Director Mr. Akintunde Sawyerr, the Nigerian Education Loan Fund (NELFUND) has inaugurated its application portal for student loans. Students who meet the criteria are urged to seize this chance to enhance their educational journey. Here are the steps on how to apply for NELFUND student loan in few steps.

NELFUND Student Loan Eligibility

The Student Loans Act, enacted by President Bola Tinubu on April 3, 2024, has made the loan accessible to all Nigerian students enrolled in federal, state, and recognized vocational institutions. The revised legislation has abolished previous income limitations, allowing students from families earning more than ₦500,000 annually to apply.

To be eligible for the NELFUND student loan, applicants must meet the following requirements:

Nationality: Must be a Nigerian citizen.

Institution: Must have secured admission into a public Nigerian university, polytechnic, college of education, or vocational school.

Admission Proof: Must provide proof of admission, including name, date of birth, admission number, JAMB number, matriculation number, and BVN.

Status: Both new and existing full-time students are eligible to apply.

Repayment Terms for the Student Loan

Loan repayment is scheduled to commence two years following the completion of the National Youth Service Corps (NYSC), providing graduates sufficient time to secure employment or start a business. Subsequently, the government will deduct 10% of the borrower’s income via the payroll system, facilitating a feasible repayment schedule.

Should a borrower be unable to find employment or establish a business within the initial two-year period, they have the option to request an extension by presenting an affidavit and additional evidence. In exceptional circumstances, such as permanent disability or the death of the loan recipient, the loan may be discharged.

Be advised that any misrepresentation of information in the NELFUND system could lead to legal consequences, including a fine, a three-year imprisonment, or both.

Required Documents

Applicants must provide the following documents as part of the application process:

Admission Letter: A scanned copy of the admission letter for new students is compulsory.

Student ID: A scanned copy of the student identification card is optional.

Other Documents: Any additional documents as determined by NELFUND’s Board from time to time.

Key Provisions to Note

Before applying for the loan, it’s crucial to understand the following key provisions:

Interest-Free: The loan is zero-interest, making it an affordable option for students.

Repayment: Repayment begins two years after completing the National Youth Service Corps (NYSC) program.

Income-Based Repayment: 10% of the borrower’s income will be deducted through the payroll system for repayment.

Unemployment Consideration: In case of unemployment or business setup failure within two years, borrowers can appeal for an extension.

Step-by-Step Application Process

Step 1: Visit the Official NELFUND Portal

nelfund homepage

Step 2: Account Creation

  • Click on “Get Started” and confirm your Nigerian citizenship by selecting “Yes, I am a Nigerian.”
nelfund get started
  • Verify your educational information by selecting your school and providing your matriculation number.
  • Click “Verify with JAMB” and enter your JAMB details.

Step 3: Complete Your Profile

  • After registration, log in and update your contact and educational details.
  • Verify your BVN by entering your BVN, selecting your bank name, and entering your account number.

Step 4: Loan Application

  • Click on the “Request for Student Loan” button.
  • If you want an upkeep loan, select the checkbox, and click “Continue.”
  • Upload the required supporting documents.
  • Read the loan overview, agree to the Terms & Conditions and GSI Mandate, then click “Submit Application.”

Step 5: Application Review

  • Review your application thoroughly before submission.
  • Once submitted, you will receive a confirmation email with further instructions.

FAQs About NELFUND Student Loans

Who qualifies for this loan?

Eligible candidates include those admitted to any public tertiary institution in Nigeria, such as universities, polytechnics, colleges of education, or vocational schools. Applicants must provide admission evidence, including their full name, date of birth, admission details, JAMB number, matriculation number, and BVN.

Can direct-entry students apply?

Direct-entry students can apply, provided they possess a valid JAMB number.

Is the loan for all students or just applicants?

While all full-time students in tertiary institutions are eligible, only those who apply and meet the criteria will receive the loan.

What amount can students borrow?

The loan amount aligns with each institution’s fees. It encompasses tuition and, if requested, living expenses. Tuition is paid directly to the institution, while living expenses are disbursed monthly to the student.

Is there a fee for loan application?

There are no fees required to apply for or receive the loan.

Does the loan accrue interest?

The loan is interest-free.

Who can access the loan?

The loan is available to both new and continuing full-time students in tertiary institutions.

When will the loan be disbursed?

NELFUND commits to disbursing loans within 30 days following the approval of an application.

Is there an age restriction for applicants?

There is no age limit for loan applicants.

How often must students apply for the loan?

Students need to apply for the loan each academic year.

How will students know if their loan is approved?

Notification of approval will be sent out, and students can check their loan status on their NELFUND portal profile.

When must the loan be repaid?

Repayment starts two years after completing the NYSC program.

What could lead to a loan application being rejected?

Applications may be denied if the applicant has defaulted on previous loans, submitted fraudulent documents, been expelled for examination malpractice, or been convicted of crimes such as fraud, drug offenses, or other dishonest activities.

What happens if someone defaults on the loan?

Defaulting on the loan may lead to penalties, legal consequences, and a negative impact on the borrower’s credit rating.

What if a loan application is declined?

Applicants can lodge a complaint through the NELFUND portal or contact NELFUND directly via email if their application is not approved.


By following the eligibility criteria and application process outlined in this guide, students can secure the necessary funds to invest in their future and contribute to the growth and development of Nigeria.

For more information and assistance, contact NELFUND via email at or through their social media handles.

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