Nigeria's student loan programme was dormant for two decades — then the Students Loan Act was signed in 2024 and NELFUND launched operations. For millions of Nigerian students from low-income families, it represents a genuine opportunity: interest-free financing for tuition, with income-based repayment after graduation. But the scheme has limits, and not everyone qualifies. Here is everything you need to know.
- Interest rate: 0% — no interest charged on NELFUND loans
- Repayment: starts 2 years after graduation, at 10% of monthly income via payroll
- Eligible institutions: federal universities, polytechnics, and colleges of education
- Maximum family income threshold: ₦500,000 per annum
- Application portal: studentloanboard.gov.ng — apply with your JAMB number and NIN
- First disbursements: began in batches from late 2024, expanding in 2025–2026
NELFUND Application: Step-by-Step
- Step 1: Register at studentloanboard.gov.ng using your JAMB registration number and NIN
- Step 2: Complete your profile — family income details, institution name, course, and year of study
- Step 3: Upload documents: JAMB result, admission letter, parent/guardian income evidence, NIN
- Step 4: Your institution verifies your enrollment and school fee invoice on the NELFUND portal
- Step 5: NELFUND assesses your application — process takes 4–8 weeks in current batches
- Step 6: If approved, tuition is paid directly to your institution; living allowance is credited monthly to your BVN-linked account
- Step 7: Reapply each academic year — the loan renews annually, not once for your full degree
Private University & Non-NELFUND Students: Your Options
| Lender | Product | Rate | Max Amount | Notes |
|---|---|---|---|---|
| Zenith Bank | Education Loan | 18–20% p.a. | ₦5,000,000 | For private tuition; guarantor required |
| Access Bank | Education Finance | 18–22% p.a. | ₦3,000,000 | Salary-backed; parent/guardian can apply |
| First Bank | Education Loan | 20% p.a. | ₦2,000,000 | For school fees; 1–5 year tenure |
| Credpal | School Fee Financing | 3–5%/month | ₦1,500,000 | Fintech; no collateral; 3–12 month tenure |
| Carbon | Education Loan | 2–4%/month | ₦2,000,000 | Instant approval; repay over 12 months |
| GTBank | Graduate/Student Loan | 19–22% p.a. | ₦5,000,000 | For postgrad or professional courses |
Overseas Education Financing for Nigerian Students
Studying abroad requires significantly more funding. UK master's programmes cost £15,000–£35,000 in tuition alone. US programs can cost $20,000–$60,000 per year. Options for Nigerian students include: scholarships (apply via scholarship.ng), institutional funding from UK/US universities, and specialist lenders like Prodigy Finance, MPower Financing, and Stilt that specifically serve international students without co-signers.
- Prodigy Finance: loans for postgrad programmes at partner universities; no Nigerian co-signer needed
- MPower Financing: US/Canada study; no collateral or co-signer; interest rates from 7.99% p.a. in USD
- Stilt: personal loans for international students in the US; based on employability, not credit score
- Zenith Bank Foreign Currency Loan: up to $50,000 for education abroad; available to customers with FX income
- Always apply for institutional scholarships and grants before taking loans — reduces your borrowing need
Explore all education financing options available to Nigerian students.
Compare Education Loan Options →Frequently Asked Questions
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