Over 1 million Nigerian students applied for loans; 52% for Institutional loans, 48% for Upkeep loans

Key takeaways

  • Institutional loans lead slightly, with 552,009 applications, showing a strong need for tuition and direct school-related expenses.
  • Upkeep loans are not far behind, at 519,964 applications, highlighting the importance of financial support beyond school fees.
  • Combined, over 1 million applications reveal a large and growing demand for structured educational funding in Nigeria.
  • The close margin suggests dual pressure: students aren’t just struggling to pay fees, but also to survive the cost of schooling.

Student loan applications in Nigeria have surpassed the one-million mark, revealing just how essential financial aid has become in pursuit of higher education. Among the two main categories, Upkeep and Institutional loans, the latter holds a narrow lead, suggesting that tuition costs remain a central concern for most applicants.

However, with over half a million students applying for Upkeep loans alone, it’s clear that the cost of living while schooling is nearly as burdensome as the fees themselves. From accommodation to feeding and transportation, many students face tough financial conditions that go beyond the classroom.

The slim difference between both loan types reflects a deeper truth: funding education today isn’t just about paying school fees; it’s also about staying afloat while getting the education.

Source:

NELFUND

Period:

May 2025
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