The Nigerian Education Loan Fund, or NELFund has announced a significant change to its student loan disbursement policy, stating that upkeep payments will now be strictly aligned with the academic calendar of each institution.
In a statement released on Thursday and signed by Director of Corporate Communications Oseyemi Oluwatuyi, NELFUND explained that students will only receive upkeep loans for their current academic session, with payments automatically ceasing upon the conclusion of an institution’s academic year.
According to the new guidelines, students progressing to a new academic year will no longer receive upkeep disbursements for previous sessions.
The fund advised prospective loan applicants to submit their applications at the beginning of each academic session to qualify for both institutional charges and upkeep support for that specific period.
To ensure transparency and accuracy in this new system, the NELFUND loan portal is being automated to reflect these adjustments and will display only the upkeep loans collected by each student within the relevant session.
The organization strongly urged educational institutions to promptly upload their academic calendars and session information to ensure their students receive full upkeep benefits for the entire academic year.
Beyond the institutional loans disbursed directly to schools, beneficiaries of the student loan scheme receive monthly upkeep payments of twenty thousand naira, totaling two hundred forty thousand naira annually. Under this new directive, students will only receive these monthly payments during active academic sessions, with disbursements pausing during holiday periods.
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cc: Punch NG
