By Frank Ikpefan,The Nation
Copyright thenationonlineng
…to process pending loan applications, upkeep allowance
…fresh applications begin second week of Oct.
The Nigerian Education Loan Fund (NELFUND) has announced the closure of the application portal for the 2024/2025 academic session from Tuesday, September 29.
The agency said the closure would allow it to conclude processing of pending applications and upkeep payments.
The organisation said the loan portal will reopen in the second week of October for fresh applications and remain open until January 2026.
The Managing Director of NELFUND, Akintunde Sawyerr, who disclosed this at a news conference on Monday in Abuja, also announced timelines for the 2025/2026 academic cycle, in line with NELFUND’s mandate to expand access to higher education through interest-free student loans.
Sawyerr said, “NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind.
“These timelines provide clarity for students, parents, and institutions to plan and participate fully in the process.”
The NELFUND chief directed institutions to update their students’ records on the Student Verification System (SVS) to enable applicants to access the scheme.
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Sawyerr said that all unverified applications for 2024/2025 would be automatically cancelled after Oct. 8, adding that affected students would be required to reapply under the new session.
He warned that institutions that failed to verify students’ records risk being publicly listed for non-compliance.
Speaking on the upkeep stipends, Sawyerr explained that payment for the 2024/2025 session would continue until November, adding that students were expected to reapply for 2025/2026 to continue receiving payments.
He reiterated that the scheme remained interest-free, with repayment to begin two years after completion of the National Youth Service Corps (NYSC), while employers would deduct 10 percent of beneficiaries’ salaries.
Sawyerr also expressed concern over arbitrary hikes in tuition and ancillary fees by some institutions, saying a committee set up by the Minister of Education was working with regulators to harmonise and standardise fee structures nationwide.
In response to concerns about upkeep stipends, the NELFUND chief said the current N20,000 monthly allowance would not be increased immediately.
Sawyerr said that an ongoing review of cost-of-living indices across regions could, however, lead to weighted adjustments in the future.
