Step 1 adds up what you borrow: institutional charges plus upkeep, for each session. Step 2 turns that into a repayment plan: the monthly deduction from your pay, how many months it takes, and the month it clears. You type every amount, because upkeep and your pay change from person to person.
Pick a step and enter the numbers
Everything is worked out in your browser. Nothing you type is sent anywhere.
Your answer
Your answer shows up here once you fill in the numbers.
What to enter
- Institutional charges
- The fees the loan pays to your school for one session, as shown on your NELFUND portal.
- Monthly upkeep and months of upkeep
- The upkeep you receive each month and how many months a session pays. These change by session and by report, so enter what your own portal shows.
- Total you borrowed
- Everything the loan has paid for you. Step 1 adds it up, or use the figure from your portal.
- Monthly gross salary or business profit
- Your pay before tax, or your business profit if you are self-employed.
- Share of income taken
- NELFUND’s terms say 10% of monthly salary. Change it if your agreement says something else.
- NYSC year and month
- The month you finish NYSC. Repayment starts two years later, so the page can name the month it starts and the month it clears.
Worked examples
Step 1: adding up four sessions
A student borrows institutional charges of ₦150,000 for each of four sessions, plus upkeep of ₦20,000 a month for 10 months in each session. These amounts are made up to show the sums.
- Work out upkeep for one session: ₦20,000 × 10 months = ₦200,000.
- Add the institutional charges: ₦150,000 + ₦200,000 = ₦350,000 a session.
- Multiply by the sessions: ₦350,000 × 4 = ₦1,400,000.
Each session comes to ₦350,000, so the loan comes to ₦1,400,000 over four sessions.
Step 2: repaying ₦1,400,000 on ₦150,000 a month
The same student earns ₦150,000 a month after NYSC, which they finish in July 2029. The deduction is 10% of income, and there is no interest.
- Take the share of your income: 10% × ₦150,000 = ₦15,000 a month.
- Take that off the balance each month, starting with ₦1,400,000, with no interest added.
- Count the months until the balance reaches zero: 94.
- Repayment starts two years after you finish NYSC, so July 2029 + 24 months = July 2031.
The deduction is ₦15,000 a month, which leaves ₦135,000 before tax. Repayment starts in July 2031, the loan takes 94 months, and it clears by April 2039.
Paying a little extra
The same student chooses to pay an extra ₦5,000 a month. NELFUND’s terms allow full or part repayment early.
- Take the share of your income: 10% × ₦150,000 = ₦15,000 a month, plus ₦5,000 extra.
- Take that off the balance each month, starting with ₦1,400,000, with no interest added.
- Count the months until the balance reaches zero: 70.
The loan now clears in 70 months, not 94.
A pay rise and six months with no job
The student gets a 10% pay rise each year, and loses their job for six months during repayment, when nothing is deducted.
- Take the share of your income: 10% × ₦150,000 = ₦15,000 a month.
- Take that off the balance each month, starting with ₦1,400,000, with no interest added.
- Count the months until the balance reaches zero: 73.
- Add the 6 months with no income: 73 + 6 = 79 months in all.
With the pay rise the deductions grow, which shortens the plan, and the six months with no income add time back. From start to finish the loan takes 79 months, compared with 94 months at flat pay and no gap.
How NELFUND repayment works
- It starts two years after NYSC. NELFUND’s terms say you start repaying 2 years after you complete the NYSC programme, and the Act says the Fund does not begin recovery before then.
- 10% of your monthly salary. The terms say 10% of your monthly salary is deducted from source, which means your employer takes it. You update your employer details on the portal when you change jobs.
- If you work for yourself. The terms ask you to update your business details within 60 days of becoming self-employed. News reports say the share is 10% of profit. Check this with NELFUND.
- If you have no income. The Act lets a beneficiary ask for an extension by sworn affidavit that they are not employed in any capacity and receive no income. The calculator’s “months with no income” box shows the effect on your timeline.
- You can repay early. The terms allow full or part repayment at any time before the loan is due.
- Forgiveness. The Act describes forgiveness on death or an act of God that leaves the borrower unable to repay.
What about interest?
Most reports describe the NELFUND loan as interest-free, and the calculator starts with no interest. But NELFUND’s own terms page does not mention interest, and one analysis of the 2024 Act reads it as listing interest among the Fund’s income sources. Read your loan agreement. If it states an interest rate, enter it, and the calculator will show how it stretches the plan.
Take-home pay is lower than your pay minus the deduction
The 10% comes off your gross monthly salary. Income tax and pension come off as well, so the "income left, before tax" figure is not your take-home. For your tax and pension, use the PAYE figures on your payslip.
If you were exempted from NYSC
NELFUND’s terms tie the start date to completing NYSC and do not say what happens if you are exempted or excluded. The page cannot guess that date, so ask NELFUND before you plan. The NYSC eligibility checker shows which outcome applies to you.
How it is calculated
- Step 1: multiply the monthly upkeep by the months of upkeep, add the institutional charges, and multiply by the number of sessions.
- Step 2: take your share of monthly income. That is the deduction, plus any extra you choose to pay.
- Take the deduction off the balance every month. If you entered a pay rise, raise the income each year. If you entered interest, add it each month first.
- Count the months until the balance reaches zero, then add any months with no income.
- Add 24 months to the month you finish NYSC to get the month repayment starts, then count forward to the month it clears.
Monthly deduction = share of income × monthly income
Repayment starts = month you finish NYSC + 24 months
Assumptions to keep in mind
- The amounts you borrowed, the upkeep and the share of income come from you. The page does not know your loan terms.
- The deduction is a share of gross income, taken every month with no gaps, except the months you list as having no income.
- There is no interest unless you enter one. NELFUND’s terms do not mention interest, so check your agreement.
- Your pay stays flat unless you enter a yearly pay rise. Real pay changes, so treat the dates as a guide.
- If the plan runs past 50 years, the page says it does not clear.
- The page does not know about penalties. NELFUND’s terms mention legal means and standing instructions if a borrower does not repay.
Mistakes that give the wrong answer
Counting the two-year wait from graduation
The wait runs from the end of NYSC, not from graduation. A student who finishes NYSC in 2029 starts repaying in 2031, not 2029.
Treating the deduction as take-home pay
The 10% comes off your gross salary. Tax and pension come off too.
Using someone else’s upkeep amount
Upkeep changes by session, and reports differ on how it is paid. Use your own portal figures.
Forgetting the total includes every session
The balance is every session’s charges and upkeep added together, so a four-year degree borrows far more than one session.
Questions students ask
When do I start repaying a NELFUND loan?
Two years after you complete NYSC. NELFUND’s terms say so, and the Act says the Fund does not begin recovery until then. The terms do not say what happens if you are exempted from NYSC, so ask NELFUND.
How much is deducted from my salary?
NELFUND’s terms say 10% of your monthly salary is deducted directly from source, so your employer takes it. The calculator lets you change the share if your agreement says something else.
Is the NELFUND loan interest-free?
Most reports say yes. NELFUND’s own terms page does not mention interest, so read your loan agreement. The calculator starts with no interest and lets you enter a rate if yours has one.
What if I am self-employed?
NELFUND’s terms ask you to update your business details within 60 days of becoming self-employed. News reports say you pay 10% of your profit. Confirm the rate with NELFUND.
What if I lose my job or cannot find one?
The Act lets you ask for an extension by sworn affidavit that you are not employed in any capacity and receive no income. Months with no income add to the time the loan takes, and the calculator shows how much.
Can I pay the loan off early?
Yes. NELFUND’s terms allow you to repay in full or in part at any time before it becomes due. The calculator’s extra monthly amount box shows the effect.
How much upkeep do I get?
It depends on the session and your portal. Reports have put it at ₦20,000, but they differ on whether it is paid monthly or per session, so enter what your portal shows.
