The Nigerian Education Loan Fund (NELFUND) has announced that its student loan scheme is fully repayable, with over 760,000 applications submitted since launch and 400,000 students already benefiting.
Speaking at a capacity-building program for students at the University of Port Harcourt, NELFUND Managing Director Akintunde Sawyer explained that the NELFUND student loan provides monthly upkeep allowances directly to students while paying tuition fees straight to their institutions.
“We pay ₦20,000 per month — ₦240,000 per academic session — for upkeep. Tuition fees are paid directly to schools. The loan is interest-free and repayable,” Sawyer stated.
NELFUND student loan Repayment Terms
Repayment begins two years after completing the National Youth Service Corps (NYSC), and only when beneficiaries are employed. Employers are required to deduct 10% of the borrower’s salary and remit it to NELFUND until the loan is fully cleared.
Sawyer confirmed that over ₦80 billion has been disbursed so far to cover tuition and upkeep for Nigerian students. Applications continue to grow, with 2,700 new requests in the past 24 hours.
Beneficiary Numbers
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Total applications: 760,000+
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Current beneficiaries: 400,000+
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Monthly upkeep allowance: ₦20,000
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Disbursed so far: ₦80 billion
For more information on eligibility and the application process, visit the NELFUND official portal.
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