The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N45.1 billion in student loans across the country since its inception on May 2024 to March 2025.
This was disclosed in the latest Student Loan Dashboard Update as of March 26, 2025, shared by NELFUND on its official X page.
According to the update, a total of 525,936 students have registered on the loan platform, with 445,015 applicants successfully applying for financial assistance. This represents an 84% success rate for student loan applications under the scheme.
Breakdown of loan disbursement
Despite the significant approval of N147.9 billion in funds, the actual disbursement as of March 25, 2025, stood at N45.1 billion.
The report showed that N29.86 billion had been released for institutional fees, while N15.23 billion was disbursed as upkeep allowances.
This marks a major step in the federal government’s commitment to supporting students, ensuring that beneficiaries receive financial assistance for their education without delay.
NELFUND also reported a sharp increase in the number of successful applicants, with a 192% rise in new registrants who succeeded in their applications compared to the previous day, March 25.
- The data revealed that an additional 1,313 students registered, while 2,523 new applicants successfully completed their loan applications.
The report further showed that N871.3 million was added to the total disbursed amount within 24 hours, highlighting the rapid pace of loan processing and disbursement.
What you should know
The Nigerian Education Loan Fund (NELFUND) has clarified that the student loan scheme is currently available only to students pursuing their first degree.
Managing Director Akintunde Sawyerr explained that postgraduate students are not eligible at this stage, though there are plans to extend the scheme to them in the future.
He emphasized that the program operates on a merit-based system without favoritism, ensuring accessibility for all students regardless of personal connections.
- Addressing concerns about students with disabilities, NELFUND has announced plans to introduce specialized software to make the loan application process more accessible. Sawyerr revealed that the agency is working closely with the National Commission for Persons with Disabilities (NCPWD) to enhance inclusivity, particularly for visually impaired students.
- Regarding loan repayment, Sawyerr assured that in the event of a beneficiary’s death, the debt would not be transferred to their family or anyone else, as the loan would be canceled entirely.
Furthermore, the repayment structure is designed to be flexible, beginning two years after completing the National Youth Service Corps (NYSC) and only when beneficiaries secure employment, with deductions set at 10% of their salary.
He reassured students that receiving a loan from NELFUND would not restrict them from traveling abroad after graduation, as there are no legal barriers preventing beneficiaries from seeking employment outside Nigeria.
