By John Umeh
The Nigerian Education Loan Fund (NELFUND) has announced a major adjustment to its student loan scheme, stating that upkeep loan disbursements will now be strictly tied to the academic calendar of each institution.
This was disclosed on Thursday in a statement signed by NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi.
According to the directive, students will only receive upkeep allowances during their active academic sessions. Once an institution’s academic year concludes, the monthly upkeep payments for that session will automatically cease.
“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,” Oluwatuyi explained.
Fresh Applications Required Each Session
NELFUND further clarified that students must reapply for loans at the beginning of every academic session to qualify for both institutional charges and upkeep support for that year.
“To ensure accuracy and transparency, the NELFUND loan portal is being automated to reflect this adjustment. The portal will henceforth display only the upkeep loans collected by each student within the relevant session,” the statement read.
The fund also urged higher institutions to promptly upload their academic calendars and sessional information, noting that delays could affect students’ ability to access full upkeep benefits for an entire academic year.
Impact on Beneficiaries
Under the current student loan arrangement, beneficiaries receive monthly upkeep payments of ₦20,000, amounting to ₦240,000 per year, in addition to institutional charges that are paid directly to universities and other tertiary institutions.
With the new policy, however, the ₦20,000 monthly allowance will only be available while schools are in session and will be suspended during holidays or breaks.
The decision is expected to streamline the loan scheme, prevent overlapping payments, and align disbursements more closely with the academic calendar.
