NELFUND Student Loan 2026: How 1.38 Million Nigerians Got ₦242.4bn — Apply Now, Eligibility & Payment Details

The Nigerian Education Loan Fund (NELFUND) has announced that a total of 1,388,592 students across the country have benefited from its student loan initiative, marking a major milestone in efforts to expand access to higher education in Nigeria.

According to the fund’s latest operational report released on Monday, NELFUND has received 1,778,854 loan applications since the scheme was launched. The data also shows a marginal increase of 353 new applications compared to the previous day, reflecting continued interest in the programme among eligible students nationwide.

Providing further insight into disbursement figures, the fund revealed that as of April 2, 2026, payments had been made to 288 accredited tertiary institutions. A total of ₦157.45 billion has been released to cover tuition and other institutional charges on behalf of successful applicants.

In addition to tuition support, NELFUND disclosed that ₦84.94 billion has been paid directly to students as upkeep allowances. This brings the overall loan disbursement to approximately ₦242.4 billion, underscoring the scale and financial commitment behind the initiative.

The student loan programme was established under the Student Loan (Access to Higher Education) Act, 2024, signed into law by President Bola Tinubu. The scheme is designed as an interest-free facility aimed at easing the financial burden on students and their families while promoting equitable access to tertiary education.

Under the framework of the scheme, beneficiaries receive funding for both tuition fees and monthly living expenses. Repayment is structured to begin two years after beneficiaries complete the National Youth Service Corps programme, allowing graduates time to secure employment before meeting their loan obligations.

Education stakeholders have described the growing number of beneficiaries and the increasing volume of disbursements as a strong indication of the programme’s impact, particularly at a time when the cost of education continues to rise.

With application figures still climbing and more institutions being onboarded, NELFUND is expected to play an increasingly critical role in supporting Nigeria’s higher education system and improving access for students from diverse economic backgrounds.