How to apply for the NELFUND student loan online

Jesutofunmi Adedoyin -

The management of the Nigerian Education Loan Fund (NELFUND), led by its Managing Director, Mr Akintunde Sawyerr, opened the portal for student loan applications on May 25th, 2024. Eligible students are encouraged to take advantage of this opportunity for their growth. 

Eligibility requirements for the Nigerian student loan 

According to the Student Loans Act, signed into law by President Bola Tinubu on April 3, 2024, the loan is open to ALL Nigerian students in federal, state, and licensed vocational institutions. This new act also removes the initial restrictions that prohibited students with a family income of ₦500,000 or higher from applying.

How would beneficiaries repay the student loan?

The loan repayment begins two years after your National Youth Service Corps (NYSC), allowing you ample time to find a job or establish a business. After this period, the government starts to deduct 10% of your income through the payroll system, ensuring a manageable repayment plan.

If you cannot secure employment or set up a business within those two years, you can appeal for an extension by submitting an affidavit and other forms of evidence as proof. The scheme can also “forgive the loan” in cases of permanent disability or death of the beneficiary of the student loan.

Providing false information to the NELFUND system can result in a three-year jail term, a fine, or both.

How to apply for the Nigeria Student Loan Programme in 2024

To apply, you’ll need your:

  • JAMB registration number
  • National Identity Number (NIN)
  • Bank Verification Number (BVN)
  • Student matriculation or registration number. 

The application process is entirely online, free of charge, and you won’t need to meet with anyone in person.

How to register and set up your profile 

  1. Visit nelf.gov.ng
NELFUND website
  1. Click on the “Apply Now”
  2. Click on “Get Started”
Home page | NELFUND
  1. Answer the question, “Are you a Nigerian?”
  2. Verify your Educational information by verifying by selecting your institution from the drop-down and imputing your matriculation number.
Basic Verification | NELFUND
  1. Click on “Verify with JAMB to enter your JAMB details( if your NIN has not been registered with JAMB yet, you would have to enter your NIN for validation).
  2. Create an account with your email and password. A link will be sent to your email. Click on the link to verify your email.
  3. After successfully registering and logging in, click on “Proceed to Contact Details” to provide your phone number, residential address, state of residence, and local government area of residence.
  4. Click on “Proceed to Educational Details”. Select your higher institution and input your matrix number.
  5. Click on “Proceed to Account Details” to enter your BVN, bank name and account number.
  6. Click on “save changes” to complete your profile.

Steps to apply for the student  loan

Step 1: Click on “Request for student loan” at the top right of your screen

Step 2: If you want an upkeep loan, click the checkbox and continue. If you only need the institutional charge,  click the “Continue” button.

Step 3: Upload supporting documents. Your admission letter is compulsory, but your student ID and institutional invoice are optional. Click the checkbox for policy and declaration, and then click “continue.”

Step 4: Read the loan overview, click on the checkbox for both the terms and conditions and GSI Mandate, and then submit your application.

Step 5: Click on the “loans” button to monitor to view and monitor the status of your application.

Institutions eligible for NELFUND student loan

On August 6, the Nigerian Education Loan Fund (NELFUND) expanded its reach beyond federal institutions. It has now onboarded numerous state-owned institutions, providing more students with access to financial aidFAQs on the NELFUND student loan.

Here is the list of state-owned institutions now eligible for the NELFUND loan:

  1. GTC, GBOGAN Osun State
  2. GTC, ILESA Osun State
  3. GTC, ILE-IFE Osun State
  4. GTC, INISA Osun State
  5. GTC, IWO Osun State
  6. GTC, OTAN AYEGBAJU Osun State
  7. GTC, OSU Osun State
  8. Ibrahim Badamasi Babangida University Lapai
  9. Ignatius Ajuru University Of Education Port Harcourt
  10. Imo State University of Agriculture and Environmental Sciences Umuagwo
  11. Isa Mustapha Agwai Polytechnic, Lafia
  12. Kaduna State College of Education Gidan Waya
  13. Katsina State Institute of Technology and Management
  14. Kebbi State University of Science and Technology, Aliero
  15. Kingsley Ozumba Mbadiwe University
  16. KWARA POLYTECHNIC
  17. Lagos State University of Education
  18. Lagos State University of Science and Technology
  19. Lagos State University
  20. Mohammed Lawan College Of Agriculture
  21. NASARAWA STATE UNIVERSITY KEFFI
  22. Niger Delta University
  23. Niger State Polytechnic Zungeru
  24. Nuhu Bamalli Polytechnic, Zaria
  25. Olabisi Onabanjo University
  26. Osun State College Of Education, Ila-orangun
  27. Osun State College Of Technology
  28. Osun State Polytechnic, Iree
  29. Osun State University
  30. Oyo State College of Agriculture and Technology, Igboora
  31. Plateau State University Bokkos
  32. Port Harcourt Polytechnic
  33. Ramat Polytechnic, Maiduguri
  34. Sule Lamido University Kafin Hausa, Jigawa State
  35. Tai Solarin University of Education
  36. Taraba State Polytechnic
  37. Taraba State University, Jalingo
  38. UMAR MUSA YARADUA UNIVERSITY KATSINA
  39. Umar Suleiman College of Education, Gashua, Yobe State
  40. UNIVERSITY OF ILESA, OSUN STATE
  41. University of Medical Sciences, Ondo
  42. Yobe State University
  43. Yusuf Maitama Sule University
  44. Zamfara State University, Talata Mafara
  45. Enugu State University of Medical and Applied Sciences
  46. Cross River State University
  47. University of Delta, Agbor
  48. Ebonyi State University, Abakaliki
  49. Bamidele Olumilua University of Education Science and Technology
  50. Imo State Polytechnic, Omuma
  51. Kaduna State University
  52. Prince Audu Abubakar University, Anyigba
  53. Kwara State College of Education, Oro
  54. Gateway ICT Polytechnic, Saapade
  55. Oyo State College of Health Science and Technology, Eleyele, Ibadan
  56. Adeseun Ogundoyin Polytechnic, Eruwa, Oyo State
  57. Ladoke Akintola University of Technology Oyo
  58. Oyo State College of Nursing Sciences, Eleyele
  59. First Technical University, Ibadan
  60. Taraba State College of Nursing Sciences Jalingo
  61. Mai Idris Alooma Polytechnic, Gaidam, Yobe State
  62. Ogun State Institute Of Technology, Igbesa
  63. Abia State Polytechnic
  64. Abraham Adesanya Polytechnic
  65. Adamawa State Polytechnic Yola
  66. Adamawa State University Mubi
  67. Adekunle Ajasin University Akungba-Akoko, Ondo State
  68. Akwa Ibom State Polytechnic
  69. Akwa Ibom State University
  70. Aliko Dangote University of Science and Technology Wudil
  71. Aminu Saleh College of Education, Azare
  72. Benjamin Uwajumogu State College of Education Ihitte Uboma
  73. Benue State University, Makurdi
  74. Borno State University
  75. College of Education Afaha Nsit
  76. College of Education, Waka-Biu
  77. Confluence University of Science and Technology
  78. D.S Adegbenro ICT Polytechnic Itori-Ewekoro
  79. Delta State Polytechnic, Ogwashi-Uku
  80. Delta State University of Science and Technology
  81. Dennis Osadebay University, Asaba
  82. Edo State University Uzairue
  83. Ekiti State University, Ado Ekiti
  84. Gombe State University
  85. Government Technical College Ile-ife
  86. GTC, ARA Osun State

Who is eligible to apply for loans under this Act?

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.

Can a direct-entry student into higher institutions apply for a loan?

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

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 it.

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 monthly.

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

No payment is required before the disbursement of the loan.

Is there an interest payable on the loan?

Zero interest on the loan.

Is the loan open to every student?

The loan is open to new and existing full-time students in tertiary institutions.

What is the disbursement timeline?

NELFUND will disburse the funds within 30 days of approval of successful applications.

Is there an age limit for applicants?

No

Is the loan applied for only once?

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

How do applicants know their application is approved?

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

When is the loan due for repayment?

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

Under what circumstances will NELFUND deny a loan application?

If the applicant is: proven to have defaulted in respect to any previous loan granted by any licensed financial institution; found guilty of submitting fake documents and dismissed for exam malpractices; and convicted of fraud and forgery, drug offences, cultism, felony, or any offences involving dishonesty.

What are the consequences of defaulting on a loan?

Deliberate default could result in penalties, legal action, and potential damage to your credit score.

Is there an appeal process when an application is denied?

A complaint can be raised from the NELFUND portal, or you can email NELFUND.