NELFUND debunks fake portal reopening, flags new student loan scam

The Nigerian Education Loan Fund (NELFUND) has debunked a viral message claiming that the board has reopened the Student Loan portal, accompanied by an attached link for application. 

The claim, now confirmed to be fake, stated that the board is reopening the application portal as a result of several complaints from the Nigerian student community. 

In an X (formerly Twitter) post on Thursday, NELFUND urged the general public, especially students, parents and guardians, to disregard such claims and avoid clicking on unverified links.

“Please ensure you verify all links and rely only on our official channels for accurate information. Remain vigilant against misinformation, fake news, and potential scams,” NELFUND said. 

A common fraudster’s modus operandi is using fake news centred on popular figures or agencies to make unsuspecting individuals click on links, thereby extracting their biometric data and financial information during the process. 

To alert parents and students, NELFUND also warned individuals against submitting personal or financial information on unverified and suspicious websites.

And this isn’t the first time fraudsters have used fake claims on NELFUND student loan applications as bait to extract sensitive data. 

In June 2025, the board advised Nigerians against trusting information that doesn’t originate from its official channels. This came after claims that President Bola Tinubu has directed the reopening of the NELFUND Student Loan portal, with the inclusion of a link. 

Launched in April 2024, NELFUND marks a pivotal step towards ensuring sustainable higher education and functional skill development for Nigerian students.

The student loan is open to Nigerians studying at any public tertiary institution in Nigeria. The loan is interest-free and includes a monthly N20,000 stipend for upkeep, which is optional. 

Also Read: UniLag says no new increase in fees, only NELFund integration.

Review of NELFUND figures 

Student loan applications for the 2025/2026 academic session were conducted between October 23, 2025, and January 31, 2026, marking the second session since the scheme was unveiled last year.

According to the latest data from the board, 344 institutions and over 1.3 million students have successfully onboarded on the platform and benefited from the scheme. The scheme has also recorded about 1.6 million successful student loan applications.

As of 23 April 2025, over N242 billion has been disbursed across 288 institutions, with N157 billion as institution fees and N85 billion as allowance.