The Nigerian Education Loan Fund (NELFUND) has announced that upkeep loan disbursement would henceforth be strictly tied to the academic session of each institution.
Director, Strategic Communications of NELFUND, Mrs. Oseyemi Oluwatuyi disclosed this in a statement on Thursday.
He informed that in line with this directive, students shall only be entitled to upkeep loans for their current academic session.
“Upon the conclusion of an institution’s academic year, upkeep payments for that session shall automatically cease. Consequently, students who transition into a new academic year will no longer receive upkeep disbursements for the preceding session.
“Furthermore, interested loan applicants are required to apply for the loan at the beginning of every academic session to be eligible for both institutional charges and upkeep for that particular session”, she said.
The NELFund Spokesperson further stated that, to ensure accuracy and transparency, the NELFund loan portal was being automated to reflect this adjustment.
“The portal will henceforth display only the upkeep loans that have been collected by each student within the relevant session.
“Institutions are therefore strongly advised to upload their academic calendars and sessional information in a timely manner to guarantee that their students receive the full upkeep benefits due to them for an entire academic year”, she said.
Oluwatuyi added that NELFUND remained committed to its mandate of providing accessible, transparent, and efficient loan support to Nigerian students, and counts on the cooperation of all stakeholders in the smooth implementation of this directive.
