Section 3: Functions of the Fund.

The functions of the Fund are to-(a) receive and process applications for loans from Nigerian students and intending students of approved tertiary institutions, vocational and skills acquisition institutions in Nigeria;
(b) approve and disburse loans or reject loan applications, subject to the policies, guidelines and criteria set by the Board;
(c) hold, manage and invest money accruing to the Fund, subject to investment guidelines set by the Board;
(d) carry out such other activities and perform such other functions which, in the opinion of the Board, are necessary, incidental or conducive to the attainment of the objectives of the Fund.