NELFUND Redefines Student Loan Rules: What Every Undergraduate Must Know
By Ibironke Mulikat
The Nigerian Education Loan Fund (NELFUND) has announced that upkeep loan payments for students will now be strictly tied to the academic sessions of their respective institutions.
This was disclosed in a statement on Thursday by the fund’s Director of Corporate Communications, Oseyemi Oluwatuyi.
According to him, students will only receive upkeep allowances during their current academic year, and such payments will cease automatically once the session ends.
Fresh Applications Required Each Session
Oluwatuyi explained that students advancing into a new academic year will not receive upkeep disbursements for their previous sessions.
He advised applicants to reapply for loans at the beginning of every academic session to access both institutional charges and upkeep benefits for that period.
Automation for Transparency
The NELFUND spokesperson said the loan portal is being automated to reflect the adjustment, allowing students to view only the upkeep loans collected within the relevant session.
He also urged institutions to upload their academic calendars and sessional information on time, to enable their students enjoy full benefits for the entire academic year.
Monthly N20,000 Upkeep Limited to Session
Currently, student loan beneficiaries receive a monthly upkeep allowance of ₦20,000, amounting to ₦240,000 yearly.
With the new directive, however, payments will only run during active academic sessions and will stop once students embark on holidays.
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