Latest news on FG student loan approval, disbursement today 17th May 2024

The portal for the long-awaited Nigerian Education Loan Fund (NELFUND) will officially go live on Friday, May 24, 2024.

This announcement was made late Thursday in a press statement signed by Nasir Ayetogo, Head of Press and Public Relations at NELFUND.

The student loan scheme, initiated by President Tinubu’s administration, aims to provide interest-free education loans for Nigerians pursuing tertiary education.

Enacted in June, the Access to Higher Education Act, 2023, also known as the Student Loan Act, established an Education Loan Fund to help Nigerians finance their higher education, with repayment starting two years after completing the National Youth Service Corps (NYSC) program.

Key points to note:

• Starting May 24, 2024, students can access the loan application portal at www.nelf.gov.ng.
• The portal offers a user-friendly interface for easy submission of loan applications.
• The loans enable students to pursue their academic goals without financial barriers.
• All students of public tertiary institutions and government-approved vocational institutions are eligible to apply.
• The fund targets over 1.2 million students as its initial beneficiaries.
• Loan repayment begins two years after completing the NYSC program. Beneficiaries can request a deferment by providing an affidavit indicating unemployment and lack of income.
• The loan can be forgiven in the event of death or acts of God preventing repayment.

For more information and assistance, contact NELFUND via email at info@nelf.gov.ng or through its social media handles.