NELFUND Set To Stop Student Loans During Holidays, Give Details
- Nigerian Education Loan Fund updated its loan policy, tying the loan disbursement to each institution's academic calendar
- NELFUND outlines new steps for students on how to apply for a new loan at the beginning of each session
- NELFUND prepares to update the new policy on its loan portal for accuracy and transparency, as well as give directives to institutions on the latest policy
The Nigerian Education Loan Fund announced on Thursday, August 21, that upkeep loan payments now operate by the institution's academic calendar.
Source: Twitter
NELFUND stated this in a statement signed by its Director of Corporate Communications, Oseyemi Oluwatuyi, as reported by The Punch.
According to the statement, NELFUND noted that students will only receive upkeep payments while the academic session is ongoing, and no further payments will be received during holidays until the next academic session.
“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,” Oluwatuyi said in the statement.
NELFUND informed interested loan applicants that they must apply for the loan at the start of each academic session to qualify for coverage of both institutional fees and upkeep for that specific session.
The board also implemented the adjustment on its loan portal to enable transparency and to help track the disbursement.
“To ensure accuracy and transparency, the NELFUND loan portal is being automated to reflect this adjustment.
“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,” he stated.
Besides institutional loans paid directly to schools, students benefiting from the loan scheme receive a monthly disbursement of N20,000, totalling N240,000 per year.
Under the new directive, students will receive the monthly N20,000 upkeep allowance only during the academic session, with payments stopping when students go on holiday.
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NELFUND roll out upkeep loan for 400,000 students
Legit.ng previously reported that in a major boost for students across Nigeria, the NELFUND has rolled out tuition and upkeep loans to nearly 400,000 beneficiaries, many of them the first in their families to attend university or college.
The agency’s Managing Director, Akintunde Sawyerr, shared the uplifting news during a recent media chat, revealing that the fund has received over 645,000 applications since its launch in May 2024.
Sawyerr explained that this initiative is part of President Bola Tinubu’s Renewed Hope Agenda, which puts young Nigerians at the centre of national development.
NELFUND lists fake student loan websites
Legit.ng also reported that NELFUND has raised an alarm over a fake online loan portal targeting Nigerian students with fraudulent messages. NELFUND warned the students to be cautious of such portals and their misleading messages directing students to apply.
NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi, released a statement in Abuja on Monday, with the warning.
Oluwatuyi urged the public, particularly students, parents, and guardians, to be aware and avoid clicking on such unverified links. She reiterated that NELFUND only has one official portal for student loan applications.
Source: Legit.ng
