NELFUND Students Loan Portal

In a significant move towards improving access to higher education in Nigeria, President Bola Tinubu has launched the Nigerian Education Loan Fund Application Portal (NELFUND) at the State House Council Chambers. This initiative aims to provide interest-free loans to eligible Nigerian students to cover their tuition fees.

The NELFUND portal, accessible at https://portal.nelf.gov.ng, was officially launched on May 24, 2024. Eligible students can apply for the loan, which covers 100% of their institutional fees, without any hidden charges or interest. The loan amount is provided interest-free, and repayment begins two years after completing the National Youth Service Corps (NYSC) program.

To apply for the NELFUND student loan, students need to create an account on the portal and provide their email address, password, and answer a few questions to verify their educational information. They must also check if their school has uploaded their details before proceeding with the application.

The NELFUND initiative is a part of the Access to Higher Education Act, 2023, which was signed into law by President Tinubu in April 2024. This Act supersedes the 2023 legislation and addresses some of the limitations identified in the previous version.

Since the launch of the NELFUND application portal, over 60,000 applications have been received, indicating the critical need for financial assistance among the student population. The initiative is designed to democratize higher education and prepare students to meet the demands of the modern job market, fostering entrepreneurship and innovation among young people.

The NELFUND portal is expected to have a significant impact on the accessibility of higher education in Nigeria. By providing interest-free loans to cover tuition fees, the initiative aims to reduce financial barriers and empower students to pursue their educational goals. This, in turn, will contribute to the development of a more skilled and qualified workforce in the country.

As the NELFUND initiative continues to expand, it is crucial for the Nigerian Education Loan Fund to prioritize transparency, responsible lending practices, and effective loan management to ensure the program’s long-term success. By empowering students to pursue their academic ambitions, NELFUND can create a ripple effect, fostering economic growth and development in the years to come.