Student Loan Policy and Application Guidelines

President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students. The scheme was to commence in October 2023 but implementation was repeatedly deferred until a re-enactment in April 2024. NELFUND recently scheduled the opening of the loan application and issuance portal for May 24.

Student Loan Policy:

– Enacted by President Bola Tinubu in June 2023

– Interest-free loans for students

– Commencement deferred until April 2024

– Implemented by NELFUND


– Students in federal institutions (universities, polytechnics, colleges of education, technical schools)

– Institutions must have completed and uploaded student data

– Needy students

Application Process:

1. Log in to the portal: (not yet release officially)

2. Create an account: Use existing credentials or create a new account

3. Documents required:

    – JAMB admission letter

    – National Identification Number (NIN)

    – Bank Verification Number (BVN)

4. Complete the application:

    – Personal details

    – Academic information

    – Financial need

5. Submit the application: Review thoroughly before submission

6. Confirmation email: Receive further instructions

Key Features of the Application Portal:

– User-friendly

– Simplifies the application process

– Online support mechanism for questions or concerns

– No physical contact required

Loan Scheme:

– Interest-free

– Flexible repayment options

– Repayment commences two years after NYSC completion, provided individual has secured employment