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Student Loan in Nigeria: Overview and How to Apply in 2024


This guide will walk you through everything you need to know about student loan in Nigeria, including how to apply, eligibility criteria, and recent legislative changes.

What is a Student Loan?

A student loan is a type of financial aid designed to help students pay for their education and associated costs such as tuition, fees, and living expenses. These loans typically offer lower interest rates and more flexible repayment schedules compared to other types of loans, making higher education more accessible for many students.


The Tinubu Student Loan: An Overview

In April 2024, President Bola Tinubu signed into law the Student Loans (Access to Higher Education) Act, 2024. This act aims to make higher education more affordable and accessible to all Nigerians by providing interest-free loans to students. The law addresses previous challenges related to governance, management, and eligibility criteria, making the loan application process simpler and more transparent

Objectives of the Tinubu Student Loan

The primary objectives of the Tinubu Student Loan are to:

  • Increase Access to Higher Education: By providing financial assistance, the loan aims to enable more students from diverse backgrounds to pursue higher education.
  • Reduce Financial Barriers: The interest-free nature of the loan ensures that financial constraints do not hinder students from achieving their educational goals.
  • Promote National Development: By investing in the education of its citizens, the government aims to foster a more educated workforce, which is essential for national development.

Eligibility Criteria

To be eligible for a student loan under the new act, you must meet the following criteria:

  • Admission: You must be admitted to a recognized Nigerian university, polytechnic, college of education, or vocational training institution.
  • Income: There is no family income threshold, allowing all Nigerian students to apply. The loan aims to prioritize students from low-income backgrounds.
  • Guarantor Requirement: The previous requirement for a guarantor has been removed, simplifying the application process.
  • National Youth Service Corps (NYSC): Repayment of the loan begins two years after the completion of your NYSC program.

Additional Eligibility Details

  • Academic Standing: Students must maintain satisfactory academic progress to continue receiving the loan.
  • Residency Status: Applicants must be Nigerian citizens.
  • No Age Limit: There is no age restriction, making the loan accessible to all students regardless of age.

Student Loan in Nigeria

Key Features of the Tinubu Student Loan Act

Governance and Management

The act establishes the Nigeria Education Loan Fund (NELFUND) as a corporate entity responsible for administering the loans. The governance structure includes a board of directors drawn from relevant ministries and regulatory bodies, ensuring comprehensive oversight and management.

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Loan Repayment and Forgiveness

Repayment of the loans starts two years after completing the NYSC program. If a beneficiary is unemployed after this period, they can request an extension by providing a sworn affidavit. The act also includes provisions for loan forgiveness in cases of death or incapacitation due to acts of God.

Justice and Fairness Provision

The act includes a provision to ensure that the distribution of loans is fair and just, mandating that a minimum national spread of loans be approved and disbursed each financial year. This ensures that students from all regions of Nigeria have equal access to the loans.

How to Access Student Loans in Nigeria

Accessing the Loan Funds

Once your application is approved, the loan funds will be disbursed directly to your educational institution to cover tuition and other fees. A maintenance allowance may also be provided directly to you to help with living expenses during your studies.

Ensuring National Spread

The act mandates that the loan fund ensures a minimum national spread of loans approved and disbursed each financial year. This provision is designed to promote fairness and equal access to educational opportunities across the country.

How to Apply for Student Loans in Nigeria

Step-by-Step Application Process

  • Visit the Student Loan Portal: The official portal for applying for student loans in Nigeria is the Nigeria Education Loan Fund (NELFUND) website (www.nelf.gov.ng).
  • Create an Account: Click on “Apply Now,” then “Get Started,” and follow the prompts to verify your educational information and create an account using your email address and password.
  • Profile Completion: Log in to your new account and update your contact details, educational details, and bank verification number (BVN).
  • Submit Application: Click on “Request for Student Loan,” choose the type of loan you need, upload the necessary documents (e.g., admission letter, student ID), and agree to the terms and conditions before submitting your application.

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Detailed Application Steps

Step 1: Creating an Account

  • Visit the NELFUND Website: Go to www.nelf.gov.ng.
  • Apply Now: Click on the “Apply Now” button.
  • Get Started: Click “Get Started” and proceed to verify your educational information.
  • Enter Personal Information: Provide your National Identification Number (NIN), name, date of birth, and contact information.
  • Create a Password: Set up a secure password for your account.
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Step 2: Completing Your Profile

  • Log In: Use your email and password to log in.
  • Update Contact Details: Enter your phone number, residential address, state of residence, and local government area.
  • Educational Details: Select your higher institution and input your matriculation number.
  • Bank Details: Verify your BVN, select your bank, and enter your account number.

Step 3: Submitting Your Application

  • Request Loan: Click on the “Request for Student Loan” button.
  • Choose Loan Type: Indicate whether you need an upkeep loan or institutional charges.
  • Upload Documents: Provide necessary documents such as your admission letter.
  • Agree to Terms: Review and agree to the terms and conditions.
  • Submit: Click “Submit Application” to complete the process.

Common Pitfalls to Avoid

  • Incomplete Applications: Ensure all sections are filled out and all required documents are uploaded.
  • Incorrect Information: Double-check all information to avoid discrepancies that could delay your application.
  • Ignoring Deadlines: Be aware of application deadlines and submit your application in a timely manner.

Impact of the Student Loan Act on Nigerian Education

Increased Enrollment

The availability of interest-free loans is expected to significantly increase enrollment rates in higher education institutions across Nigeria. By reducing financial barriers, more students from low-income backgrounds can pursue tertiary education, leading to a more educated populace.

Improved Educational Quality

With more students able to afford higher education, institutions may see an increase in funding through tuition and fees. This can lead to improvements in educational infrastructure, resources, and overall quality of education provided.

Economic Benefits

An educated workforce is crucial for economic development. By investing in education, the government aims to produce a skilled workforce capable of driving innovation and economic growth. This can lead to reduced unemployment rates and increased productivity.

Challenges and Considerations

Funding and Sustainability

One of the major challenges is ensuring the sustainability of the loan fund. Continuous funding is required to meet the increasing demand for student loans. The act mandates that 1% of all taxes, levies, and duties collected by the Federal Inland Revenue Service be directed to the fund, but this must be managed effectively to ensure long-term sustainability.

Awareness and Accessibility

Despite the availability of these loans, there may be a lack of awareness among students and parents about how to apply and the benefits of the program. Efforts need to be made to increase awareness and provide clear, accessible information to all potential applicants.

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Loan Repayment and Default

Ensuring that students repay their loans after graduation is crucial for the program’s success. The act includes provisions for loan recovery, but effective strategies and support systems need to be in place to minimize default rates. This includes job placement support and financial counseling for graduates.

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How to Apply for Tinubu Student Loan

Understanding the Tinubu Student Loan

The Tinubu Student Loan, under the Access to Higher Education Act, 2024, is specifically designed to provide financial support to Nigerian students. The application process is streamlined to ensure that students can easily access the funds they need to complete their education.

Application Process for Tinubu Student Loan

  • Eligibility Check: Ensure you meet all eligibility criteria, including admission to a recognized institution and Nigerian citizenship.
  • Online Application: Visit the NELFUND website (www.nelf.gov.ng) and follow the detailed application process outlined earlier.
  • Document Submission: Prepare and upload the necessary documents, including your admission letter and identification details.
  • Follow-Up: After submission, regularly check your application status and respond promptly to any requests for additional information.

Benefits of the Tinubu Student Loan

  • Interest-Free: The loan is interest-free, reducing the financial burden on students.
  • Flexible Repayment: Repayment begins two years after NYSC completion, providing time to secure employment.
  • No Guarantor Needed: Simplifies the application process by removing the need for a guarantor.



The Student Loans (Access to Higher Education) Act, 2024, marks a significant step towards making higher education accessible The Student Loans (Access to Higher Education) Act, 2024, marks a significant step towards making higher education accessible to all Nigerians. By understanding the application process, eligibility criteria, and key features of the new law, you can take full advantage of this opportunity to finance your education and secure a brighter future. This comprehensive guide aims to provide all the necessary details you need to know about student loans in Nigeria.

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