NELFUND Student Loan Calculator Nigeria 2026
Calculate your NELFUND student loan repayment amount, monthly payments after graduation, and total interest for Nigeria's federal student loan scheme.
NELFUND typically charges 0–5% simple interest
--
Total Borrowed (₦)
--
Total Repayment (₦)
--
Monthly Payment (₦)
Loan Summary
10% Salary Deduction Equivalent
NELFUND deductions are tied to income. Here's what you need to earn to comfortably cover monthly payments:
| Scenario | Monthly Payment (₦) | Required Monthly Salary (₦) |
|---|
Frequently Asked Questions
What is NELFUND?
NELFUND (Nigerian Education Loan Fund) is Nigeria's student loan scheme launched in 2024 under the Student Loans Act. It provides interest-free or low-interest loans to eligible Nigerian students in public tertiary institutions to cover tuition and basic living expenses.
Who is eligible for NELFUND student loan?
To be eligible: you must be a Nigerian citizen, enrolled in a public tertiary institution (university, polytechnic, or college of education), have no criminal conviction, and your combined family annual income should not exceed ₦500,000 (for some tiers). You also need two guarantors.
How much can I borrow from NELFUND?
The loan amount depends on your institution and course. Loans typically range from ₦100,000 to ₦500,000 per academic year. The exact amount is determined by NELFUND based on your school fees and financial need assessment.
When do I start repaying the NELFUND loan?
Repayment begins 2 years after completing NYSC (or 2 years after finishing school for those exempt from NYSC). Repayment is made as a fixed percentage deducted from salary — typically 10% of monthly income above ₦100,000 monthly.
Is the NELFUND loan interest-free?
The Student Loans Act specifies a simple interest rate. As currently structured, the loan accrues minimal interest to account for inflation, making it significantly cheaper than commercial bank loans. The exact rate is set by NELFUND board annually.