Nigeria Student Loan Requirements, How to Apply for Student Loan in Nigeria?

Nigeria Student Loan 

Nigeria student loan was enacted by the act passed by President Bola Tinubu on April 4th, 2024 who made significant changes to the old act and tried to overcome some regulatory struggles that low-income family students faced when they applied last time in the old act known as the Access to Tertiary Act.

This act now known as the Student Loan Access to Higher Education Act is now seen as revolutionary. Will it be able to overcome the previous stumbling block only the students of Nigeria can tell.  

Nigeria Student Loan Requirements 

Nigerian President Bola Tinubu on April 4th, 2024 recently repealed and re-enacted the Student Loan Access to Higher Education Act in which eligibility criteria have been given as follows  

1. The student must be a Citizen of Nigeria and studying only in a public institution in Nigeria. 
2. Admission Proof: Students must have secured admission into any public Nigerian university, polytechnic, college of education, or vocational school.
3. Required Documentation: The proof of admission must include:
   • Name
   • Date of Birth
   • Admission details
   • JAMB number
   • Matriculation number
   • BVN (Bank Verification Number)
4. Student Status: Both new and existing students within the specified institutions can apply.
5. No Income Threshold: There is no family income threshold for eligibility.
6. No Guarantor Needed: Applicants do not need to provide a guarantor.
7. Loan History Independence: Student applicants cannot be disqualified based on their parent's loan history.
8. Purpose of Loan: Loans can be used to cover:
   • Tuition and other school fees
   • Maintenance allowance for the student

 

How to Apply for Student Loan in Nigeria?

To Apply for a Student Loan in Nigeria they need to log into the NELF portal with the necessary documents and follow the steps below 

• Click the confirm button to say that you are a Nigerian citizen student and 
• Click on "Apply Now" to get started. 
• Answer questions on the page and verify your educational information, including your school and matriculation number.
• Verify with JAMB by entering your JAMB details.
• Create an account with your email address and password, then confirm it.
• Log in with your email and password.
• Update your contact details, including phone number and address.
• Provide educational details, including your higher institution and matriculation number.
• Verify your BVN and bank details.
• Click on "Request for Student Loan."
• Select the type of loan (upkeep or institutional charge).
• Upload necessary documents like admission letter (mandatory), Student ID, and Institution Invoice (optional).
•  then submit your application.
• After submission, monitor your application status by clicking on the "Loans" button.

With this, you have completed the application application for the student loan. 

How Much is the Student Loan in Nigeria?

The exact amount is not known in this new act but the amount might be close to the previous act known as the Access to Tertiary Act which amounts to around  N500,000 (approximately $650) the Student Loan Access to Higher Education Act.

The exact amount is not known to us. And the amount whether they are given in tranches or in a single session is also not known by us. The portal went live just on May 24th, 2025.   

Nigeria Student Loan Portal  

The Nigeria Student Loan Portal is managed by the independent body known as NELFUND and its members are incorporated into the board by the Federal Ministries of Finance and Education, the FIRS, NIMC, NUC, NBTE, and NCCE.

It also includes the representatives of universities, polytechnics, colleges of education, and the organized private sector. the board members and the management were all appointed by the president of Nigeria. The portal went live on May 24th, 2025.