The Nigerian Education Loan Fund (NELFUND) has recently disclosed that it has allocated a total of N107.6 billion through its student loan program, positively impacting more than 500,000 students nationwide.
Data from the Student Loan Disbursement Dashboard, published yesterday, reveals that out of 846,461 applications received, 581,878 students have successfully accessed the loan facility.
Detailing the distribution of funds, NELFUND stated, “As of September 26, 2025, 231 educational institutions have benefited from the scheme. Payments made towards institutional fees amount to N61,333,682,305.00, while upkeep allowances provided to students total N46,352,360,000.00.”
This brings the cumulative loan disbursement to N107,686,042,305.00, representing the largest single financial investment into Nigeria’s education sector via a student loan initiative.
It is noteworthy that the digital platform for this scheme was launched in May 2024, enabling students to apply for, monitor, and manage their loans conveniently online.
The program is accessible to students enrolled in public universities, polytechnics, and colleges of education, covering full institutional fees along with a maintenance stipend.
Loan repayment is scheduled to commence two years following the completion of the National Youth Service Corps (NYSC) program. Graduates who remain unemployed may qualify for repayment extensions or financial relief.
Additionally, loan forgiveness may be granted in cases of death or when borrowers face insurmountable financial hardships.
