NELFUND Disburses N107.6bn Student Loans to Over Half a Million Nigerian Students

The Nigerian Education Loan Fund (NELFUND) has disbursed N107.6 billion in student loans benefiting 581,878 students across 231 institutions. The loan scheme, launched in May 2024, covers institutional fees and stipends for upkeep, marking a significant injection into the education sector.

Repayment begins two years after completing the National Youth Service Corps (NYSC), with provisions for extensions or waivers in cases of unemployment, death, or unforeseen circumstances. The digital portal allows students to apply, track, and manage their loans online, enhancing accessibility and transparency.

The scheme aims to support students in pursuing higher education by providing financial assistance and promoting educational advancement in Nigeria.