Managing Director of Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr, has revealed that only students across federal tertiary institutions will be prioritise to have access to the 1.2 million students loan in the first phase of its disbursement. The NELFUND chairman was speaking at the opening of the portal for applications on Friday, saying the first phase will be officially open for students across the federal tertiary institutions whose institutions have completed the uploading of their data. 


Sawyerr assured that prospective applicants can begin their application process effective from the 24th of May, 2024, reiterating that the loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions, 

Re-echoing the good news today, the NELFUND boss added that though the loan is available to all students in government tertiary institutions but it is going to be rolled out in phases, starting with federal institutions before getting to state institutions. 

He said that the initiative is a crucial component of the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, designed to provide financial assistance (obligatory fees and stipend) to struggling Nigerian students to enable them to pursue their educational goals without the burden of immediate financial constraints. 

Reiteration that the loan is interest-free with flexible repayment options, which commence two years after completing the National Youth Service Corps (NYSC), provided the individual has secured employment. 

Describing how the fund will be disbursed, he said 100 per cent of institutional fees will be paid directly to the institutions of learning while also providing stipends to the students monthly based on the time school is in session. 

He added some of the key features of the student loan to include, No physical contact between the loan applicant and NELFUND, user-friendly Loan Application portal, comprehensive support where Applicants can access online support to assist and affordable and flexible repayment plans. 

Sawyer in his statement explained, “We encourage all students in federal institutions to take advantage of this opportunity to secure the required financial assistance for their education. Applicants must submit their applications as early as possible to ensure timely processing”. 

The Managing Director revealed in the meantime, his office is engaging some insurance companies on where the loan goes bad and also working with security agencies in case there is a deliberate fraud. 

Meanwhile, this is as the Act providing the scheme has no requirement for Next of Kin or Collateral, but institutions must upload the students’ data and register them for them to access the loan.