The Nigerian Education Loan Fund (NELFUND) launched its student loan program in May 2024. Since then the agency has disbursed ₦174 billion to over 800,000 students across 263 tertiary institutions. MD Akintunde Sawyerr announced this milestone during a recent update.
Additionally, NELFUND focuses on supporting students in public institutions. The program helps cover tuition and living costs. This initiative addresses financial barriers in higher education.
Fund Allocation Details
NELFUND pays over ₦100 billion directly to schools for fees. Students receive about ₦70 billion as monthly upkeep allowances. Each beneficiary gets ₦20,000 per month to manage daily expenses.
Moreover the fund ensures transparent distribution. Institutions verify student eligibility before payments. This process prevents misuse and promotes accountability.
How to Apply
Students secure admission into government owned tertiary institutions first. Then they apply through the NELFUND portal. The agency reviews applications quickly.
Furthermore, NELFUND encourages more youths to apply. The process requires basic documents like admission letters. Approved applicants receive funds promptly.
Repayment Structure
Beneficiaries start repaying two years after completing NYSC. They pay 10% of their salary monthly. The loans carry no interest, making them affordable.
As a result, graduates enter the workforce without immediate debt pressure. Employers deduct repayments automatically. This system ensures high recovery rates.
Future Impact
NELFUND plans to expand the program further. Sawyerr emphasizes sustainability through effective recoveries. The agency aims to reach more students in coming years.
Therefore this initiative boosts access to education nationwide. It empowers youths and drives national development. With ongoing support, NELFUND strengthens Nigeria’s education sector.
