How to apply for the NELFUND student loan online

The only compulsory supporting documents for the NELFUND student loan application is your admission letter.

How to apply for the NELFUND student loan online
Image Credit: Premium Times

The management of the Nigerian Education Loan Fund (NELFUND), led by its Managing Director, Mr Akintunde Sawyerr, has today opened the portal for student loan applications. 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
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.

FAQs on the NELFUND student loan

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?


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. 

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