581,878 Students Get N107.6bn Education Loan

Nigerian Education Loan Fund (NELFUND) has announced the disbursement of N107.6 billion under its student loan scheme, benefitting over half a million students in the country.

According to the Student Loan Disbursement Dashboard released yesterday, the scheme has received 846,461 applications, of which 581,878 students have benefited.

Giving a breakdown of the funds, NELFUND said, “As of 26th September, 2025, a total of 231 institutions have benefitted from the loan scheme. Institutional fees paid stand at N61,333,682,305.00, while upkeep allowance disbursed to students amounts to N46,352,360,000.00.”

The agency confirmed that the total loan disbursed now stands at N107,686,042,305.00, marking the highest injection into Nigeria’s education sector through a single loan scheme.
LEADERSHIP recalls that the digital portal was launched in May 2024 to allow students to apply, track, and manage their loans online.

It is open to students in public universities, polytechnics, and colleges of education and covers 100% of institutional fees plus a stipend for upkeep.

Repayment begins two years after completing the National Youth Service Corps (NYSC), while unemployed graduates may be granted extensions or relief.

The loans may be waived in cases of death or inability to pay due to unforeseen circumstances.