Latest Update on Interest Free Loan for Nigerian Students

The Nigerian Education Loan Fund (NELFUND) has announced an extension of the application deadline for the 2025/2026 academic session from 31 January 2026 to 27 February 2026.

WHAT IS NELFUND?

NELFUND (Nigerian Education Loan Fund) is a Federal Government of Nigeria initiative established under the 2024 Act to provide interest-free loans to students in tertiary institutions and vocational centres.

The fund covers tuition fees (paid directly to the institution) and a monthly stipend to the student for upkeep.

Repayment of the loan starts two years after completing the National Youth Service Corps (NYSC) program. Beneficiaries can repay, even before they gain employment. Deliberate default could result in penalties, legal action, and potential damage to your credit score

WHO IS ELIGIBLE?

NELFUND is available to Nigerian students with verified NIN and BVN, currently enrolled in public universities, polytechnics, colleges of education, or vocational schools. Applicants must be pursuing their first degree, hold a valid admission letter, and have their details uploaded by their institution. 

There are no age limits for applicants.

Students in private institutions, students with a history of loan default, exam malpractice, or felony convictions, are currently not eligible.

NELFUND provides loan forgiveness in the event of death and may also write off the loan for individuals with severe or permanent disabilities.

HOW TO APPLY

1. Visit NELFUND PORTAL, Register on the Student Loan Application Platform by clicking the “APPLY NOW” button to get started.

2. Click on the "Request for Student Loan" button, complete the loan application steps and submit.

3. Your application will be reviewed. After successful verification, payments will be made to your institution for the institutional charge, while the upkeep loan will be paid to the bank account you have provided in your profile.

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

To receive the monthly upkeep allowance, students must apply for both the institutional loan (tuition fees) and the upkeep loan at the time of registration. If a student only applies for the institutional loan without the upkeep, they will not be eligible for the upkeep allowance.e