NELFUND ALTERS LOAN DISBURSEMENT POLICY.

The Nigerian Education Loan Fund, known as NELFUND, has announced significant changes to its upkeep loan disbursement policy.

Starting immediately, NELFUND will no longer provide upkeep loans during school holidays. This decision affects how students receive financial support throughout their academic journeys.

As of August 21, 2205, NELFUND has disbursed a remarkable ₦86 billion to 449,039 student beneficiaries across the country. Under the current scheme, eligible students receive a monthly allowance of ₦20,000 to assist with their living expenses. However, NELFUND’s new policy ties these loans directly to the academic calendar of each institution.

RELATED NEWS: NELFUND DISBURSES 86 NAIRA MILLION LOAN TO STUDENTS.

In a statement released by Oseyemi Oluwatuyi, the Director of Corporate Communications, NELFUND clarified the new guidelines. “Students will only receive upkeep loans during their active academic session,” Oluwatuyi stated. Once an academic year concludes, all upkeep payments for that session will stop.

Furthermore, students moving into a new academic year will not receive upkeep loans from the previous session. NELFUND encourages all loan applicants to apply at the start of each academic session. This will ensure they qualify for both institutional charges and upkeep for that year.

To improve transparency, NELFUND is automating its loan portal. The updated system will display only the upkeep loans that students have collected during their active session. Institutions must upload their academic calendars promptly. This action will help guarantee that students receive the full benefits they deserve throughout the academic year.

NELFUND recent policy changes aim to streamline the disbursement process and enhance financial support for students.