NELFUND Student Loan: Portal, Login, How to Apply, All You Need to Know

The Nigerian Education Loan Fund (NELFUND) is a pivotal financial institution by the Federal Government of Nigeria, established under the Student Loans (Access to Higher Education) Act, 2024. Its primary objective is to provide zero-interest loans to eligible Nigerian students, ensuring that financial constraints do not hinder access to higher education and skill acquisition programs within the country.

NELFUND was officially signed into law by President Bola Ahmed Tinubu on April 3, 2024, marking a significant step towards enhancing educational accessibility for Nigerian youths.

Objectives of NELFUND

The primary objective of NELFUND is to provide financial support to qualified Nigerians for tuition and other fees, charges, and upkeep during their studies in approved tertiary academic institutions and vocational and skills acquisition institutions within Nigeria.

NELFUND aims to:

1. Enhance Access to Higher Education: To broaden access to higher education by offering financial support to students who face challenges in funding their education.
2. Ensuring financial inclusivity for all eligible students: Promote equal opportunities to higher education for eligible students without any form of discrimination.
3. Foster Skill Development: The program aims to contribute to the development of a skilled and knowledgeable workforce by supporting students to acquire useful skills.
4. Promote Socio-economic Mobility: The Fund aims to create a level playing field for Nigerians irrespective of financial background to acquire higher education regardless of socio economic status.
5. Reduce Dropout Rates: By alleviating financial burdens, the program seeks to reduce dropout rates and enable students successfully complete their academic programs.
6. Stimulate Economic Growth: Investment in education and a skilled workforce capable of driving innovation and development will contribute to the overall economic growth and development of Nigeria.

How NELFUND Works

NELFUND operates as a corporate body with the authority to manage and disburse funds for educational purposes. It collaborates with various stakeholders, including educational institutions and financial bodies, to ensure the effective implementation of the student loan scheme.

The agency has an online portal to streamline student loan application processes, offering detailed guidelines, eligibility criteria, and required documentation for transparency and accessibility.

Additionally, NELFUND introduced a student loan repayment strategy with flexible plans based on graduates' income levels, grace periods before repayment starts, and loan consolidation options. This approach aims to ease the financial burden on graduates and improve loan recovery rates.

The fund provides loans covering tuition fees and, optionally, personal upkeep allowances. These loans are interest-free and are to be repaid two years after the beneficiary completes their National Youth Service Corps (NYSC) program.

NELFUND Loan Eligibility Criteria

To qualify for a NELFUND student loan, applicants must meet the following eligibility criteria:

1. Nationality: An intending applicant must be a Nigerian citizen as defined by the Constitution of the Federal Republic of Nigeria 1999 (as amended). The proof of citizenship shall include the provision of National Identity Number (NIN), and Bank Verification Number (BVN).
2. Academic Criteria: The NELF can be assessed by persons who fall into the following categories:
   • Fresh Entry – where an intending applicant is a prospective student of an Eligible Tertiary Institution (ETI), such an applicant is required to have secured a valid admission to the ETI through the Joint Admission and Matriculation Board (JAMB).
   • Direct Entry – For direct entry, an intending applicant is required to have secured a valid admission to any ETI through JAMB.
   • Full-time Undergraduate – An intending applicant undergoing a full-time undergraduate programme at an ETI, is required to provide his/her matriculation number.
3. Know Your Customer (KYC) Criteria: An intending applicant is required to provide the underlisted documents/information:
   • JAMB Number
   • Bank Verification Number (BVN) – for intending applicants aged 18 years and above;
   • National Identity Number (NIN);
   • Personal information such as age, gender, phone number, home address, and email address; and
   • A passport photograph.

Loan Disqualification Criteria

An intending applicant is disqualified from assessing the loan if such an applicant is:

• Proven to have defaulted in respect of any previous education loan granted by the Federal Government of Nigeria, a state government, or any of their agencies or departments;
• At the time of application, he or she is a beneficiary of any education loan or other scholarship scheme from the Federal Government of Nigeria, a state government, or any of their agencies or departments;
• Found guilty of misconduct involving plagiarism, cultism, violence, submitting fake/fraudulent documents and dismissed for exam malpractices by any tertiary institution empowered by law or regulation to make such findings; and
• Convicted of fraud and forgery, drug offences, felony, or any offences involving dishonesty.

NELFUND Application & Registration Process

Applying for a NELFUND student loan involves the following steps:

1. Visit the Official Website: Navigate to www.nelf.gov.ng.

2. Initiate Application: Click on the “Apply Now” button on the homepage.

3. Begin Registration: Select “Get Started” to commence your application.

4. Confirm Eligibility: Respond to preliminary questions to verify your eligibility, confirming your Nigerian nationality.

5. Verify Educational Information: Enter your matriculation number to check if your institution has submitted your details.

6. Authenticate with JAMB: Click on “Verify with JAMB” and input your JAMB details. If your NIN isn’t registered with JAMB, provide your NIN for validation.

7. Create Your Account: Input your email address, set a secure password, and click “Create Account.”

8. Verify Your Email: Check your email for a verification link from NELFUND and click the link to activate your account.

9. Log Into Your Account: Return to the NELFUND portal and click “LOGIN.” Enter your registered email and password to access your account.

10. Update Contact Details: Provide your current phone number, full residential address, state, and local government area of residence.

11. Update Educational Details: Select your higher institution from the list and enter your matriculation number accurately.

12. Provide Bank Details: Enter your BVN, select your bank from the dropdown menu, and input your account number.

13. Apply for the Student Loan: Click on the “Request for Student Loan” button.

14. Specify Loan Requirements: Indicate if you require funds for personal upkeep in addition to tuition fees.

15. Upload Supporting Documents: Upload a scanned copy of your admission letter (mandatory). Optionally, upload your student ID and institution’s invoice.

16. Review and Submit Application: Agree to the Terms & Conditions and the Global Standing Instruction (GSI) Mandate, then click “Submit Application.”

17. Monitor Application Status: After submission, click on the “Loans” section to view the current status of your application.

The NELF shall verify the authenticity and accuracy of the submitted documents and information, to ensure that all required documents are in line with the established eligibility criteria and regulatory standards set by the National Universities Commission (NUC), National Commission for Colleges of Education (NCCE), National Board for Technical Education (NBTE) and other relevant authorities.

All applications shall be immediately evaluated to ascertain the following:

• Completeness of the loan application;
• Validation of the applicant’s NIN with the NIMC;
• Validation of the applicant’s BVN with the NIBSS; and
• Validation of the applicant’s admission number/letter with JAMB and/or the ETI.

Where any of the declaration is found to be false, the applicant is immediately disqualified from the Scheme and the loan granted becomes immediately due for repayment.
The Board may, from time to time, set other evaluation criteria such as field of study critical to development and as exigencies of national aspirations may require.

The evaluation and assessment of an application shall be fully automated in line with the timeline stipulated in the Act. The Board may also conduct random manual checks to ensure the effectiveness of the loan evaluation process.

NELFUND Login Portal

Applicants can access their NELFUND accounts through the official login portal at https://portal.nelf.gov.ng/auth/login. Here, users can monitor their application status, update personal information, and manage loan-related activities.

A successful applicant shall be notified through the email address, of the approved loan and an agreement outlining the terms and conditions of the loan shall be attached to the notification email. The Loan approval and notification to the applicant shall not be more than 30 days following completion of the mandatory evaluation process.

NELFUND Loan Disbursement

Upon approval, NELFUND disburses the loan directly to the beneficiary's institution to cover tuition fees. Additionally, a monthly stipend of ₦20,000 is provided to cover personal upkeep, ensuring that students can focus on their studies without financial distractions.

On 17 February 2025, the agency disclosed that it paid ₦22,736,960,971 as institutional loan for 215,514 students at the end of 2023/2024 academic session.

NELFUND Loan Repayment Terms

Repayment of the NELFUND loan commences two years after the beneficiary completes their NYSC program or exemption from it. The repayment plan is income-based, ensuring that graduates repay the loan in a manner that aligns with their financial capacity. This approach aims to ease the financial burden on graduates and improve loan recovery rates.

The fund mandates a beneficiary to make monthly repayments of 10% of their salary, wages and any other income accruing to them to the Fund.
It also requires a Self-employed beneficiary to make monthly repayments of 10% of their profit to the Fund. A beneficiary can make voluntary payments in addition to the mandatory monthly payments.

NELFUND Frequently Asked Questions (FAQs)

Below are some popular questions about NELFUND asked by students, and every other thing you need to know about NELFUND student loan and repayment.
 

1. What is NELFUND?

   • NELFUND stands for Nigerian Education Loan Fund, a government initiative providing zero-interest loans to eligible Nigerian students.

2. What is the Student’s Loan (Access to Higher Education) Act, 2024?

   • The Student’s Loan Act is an Act of the Parliament that makes it possible for Nigerian students to access zero interest loans to enable them pay for institutional charges and upkeep to any higher institution of their choice within Nigeria.

3. Who administers the loans to students?

   • The loans will be administered by the Nigerian Education Loan Fund (NELFUND), which is the body established by law to carry out the day-to-day activities of the Fund. It is headed by a Managing Director, appointed by the President of Nigeria.

4. Who is eligible to apply for the NELFUND loan?

   • Students who have secured admission into all Public Nigerian universities, polytechnics, colleges of education, or vocational schools, with a proof of admission that includes Name, Date of Birth, Admission, JAMB number, Matriculation number, and BVN. All new and existing students within the institution above can apply for the loan.

5. Is the NELFUND loan interest-free?

   • Yes, the loan is provided at zero interest.

6. Can a Direct Entry Student into higher institutions apply for the loan?

   • Yes, but such student must have a JAMB number.

7. Will the loan be available for all students or only applicants?

   • All full-time students are eligible for the loan but only applicants will benefit from the loan.

8. What expenses does the NELFUND loan cover?

   • Tuition fees and, optionally, a monthly stipend for personal upkeep.

9. How much loan are students allowed to apply for?

   • That would be determined by the institutional charge of each Institution. The loan will cover the cost of institutional charges and upkeep if required by the student. The institutional charges will be remitted directly to the applicants’ institutions and the upkeep will be paid to the applicant on a monthly instalment basis.

10. How do I apply for the NELFUND loan?

    • By visiting www.nelf.gov.ng and following the application process outlined above.

11. Will the applicant be required to make any payment before the loan is disbursed?

    • No payment is required before the disbursements of the loan.

12. Can I apply if I'm studying in a private institution?

    • Yes, provided the institution is approved and recognized by NELFUND.

13. Is there age limit for applications?

    • No

14. What documents are required for the application?

    • Admission letter (mandatory), student ID, and institution’s invoice (optional).

15. How long does the application process take?

    • The duration varies; applicants should monitor their application status through the NELFUND portal.

16. How are loan applications processed, and what is the disbursement timeline?

    • Applications are done online. Applicants are required to input specific personal details that include: Name of Institution of study Admission Number JAMB Number Date of Birth NIN BVN NELFUND will disburse within 30 days of approval of successful applications.

17. When will I start repaying the loan?

    • The loan is due for repayment 2 years after the completion of NYSC.

18. What is the repayment plan?

    • An income-based repayment plan tailored to the graduate's financial capacity.

19. Can I apply for only the tuition fee without the stipend?

    • Yes, applicants can choose to apply solely for tuition fees.

20. Is there a deadline for application?

    • Deadlines are specified for each academic session; applicants should check the NELFUND website for current deadlines.

21. Do students require a guarantor to access the loan?

    • The students’ loan has no requirement for a guarantor.

22. Is the loan applied for only once?

    • The loan will be applied for every academic session by the student.

23. Under what circumstances would NELFUND deny any application?

    • If such an applicant is: Proven to have defaulted in respect of any previous loan granted by any license financial institution; Found guilty of submitting fake/fraudulent documents and dismissed for exam malpractices by any school authority; and Convicted of fraud and forgery, drug offences, cultism, felony, or any offences involving dishonesty;

24. Can I reapply if my application is rejected?

    • Yes, applicants can reapply in subsequent application cycles.

25. How do applicants know their loan is approved?

    • Applicants will receive a notification and the status of the loan application can be seen in the applicant’s profile on the portal.

26. What happens if I drop out of school after receiving the loan?

    • Beneficiaries who drop out may be required to commence repayment immediately.

27. How will the loan repayment process work?

    • Ten percent (10%) of the beneficiary’s salary will be deducted at source by the employer. Self-employed beneficiaries are required to remit 10% of their monthly profit to the Fund. You are at liberty to seek to repay beyond the statutory 10% monthly repayment by your employers/by self if you are self-employed.

28. What if I have the money to repay before I get a job?

    • You can repay once you have money to pay back, even before you gain employment.

29. How do I repay when I'm relocating abroad?

    • You will contact the NELFUND and sign an agreement with modalities to repay.

30. Is there a penalty for late repayment?

    • Specific penalties are outlined in the loan agreement; beneficiaries should adhere to the repayment schedule. A deliberate default in repayment of the loan could result in penalties, legal action, and potential damage to your credit score.

31. What happens if a beneficiary does not have a job two years post-NYSC?

    • The beneficiary should notify NELFUND by sworn court affidavit every 3 (three) months after two years post NYSC if still unable to gain employment.

32. How can I cancel my NELFUND student loan?

    • To cancel a NELFUND student loan, you generally need to notify the school's financial aid office before the loan is disbursed. If the loan has already been paid out, returning the money to the servicer may be an option, depending on the terms of the loan agreement. You can also explore options for loan repayment if you are unemployed or relocating abroad.

33. How can I contact NELFUND?

    • To contact NELFUND, visit https://nelfund.esupport.ng/ and open a new support ticket.

The Student Loan Initiative is Revolutionising Education Accessibility Across Nigeria.