Student Loan: The Nigerian Education Loan Fund (NELFUND) To Pay ₦37,000,000,000 Student Loan to 112,000 Applicants This Week

One hundred and Two Thousand students to receive ₦20,000 monthly upkeep stipend.
The Nigerian Education Loan Fund (NELFUND) will commence disbursement of more than ₦37,000,000,000 in student loan to one hundred and twelve thousand applicants this week.

This comes as one hundred and two thousand beneficiaries of the student loan will also receive a minimum of ₦20,000 monthly stipend from this week.

Findings showed that while more than 112,000 students of both federal and state-owned higher institutions have applied for tuition, with 102,000 applicants requesting for monthly upkeep stipend.

A reliable source at NELFUND, who spoke on condition of anonymity, said that the student loan applications increase daily.

She explained that while over one hundred and seventy five thousand students from federal and state universities, polytechnics and colleges of education now have accounts with NELFUND, one hundred and twelve thousand, others have completed the student loan application process.


“The current figure is about ₦37,000,000,000 as of July 20th 2024. It includes tuition and stipend for students. When you visit the portal and apply for a student loan, it gives you an option if you want to apply for fees or upkeep. You can’t force people to take upkeep. Some people are happy just to take their fees. As of last Saturday, one hundred and twelve thousand students want the institutional fees, while ten thousand of that figure don’t want upkeep,” the source stated.

President Bola Ahmed Tinubu, last week, kicked off the student loan scheme at the State House in Abuja. No fewer than 1,200,000 students are expected to benefit from the first phase of the student loan scheme.


Applicants are required to provide specific personal details that include: the name of the institution of study, Joint Admissions and Matriculation Board (JAMB) letter, admission number, National Identification Number (NIN), Bank Verification Number (BVN) as well as date of birth.

Another reliable source disclosed that students will also receive a minimum of ₦20,000 monthly stipend from this week, adding that the disbursed tuition would be for students who are entering fresh academic sessions.

NELFUND had earlier said that while tuition would be paid directly into the accounts of the schools, stipends would be paid directly to beneficiaries' bank account every month for upkeep.

Source: https://guardian.ng/nelfund-to-disburse-n37b-students-loan-to-112000-applicants-this-week/