Abuja: The Nigerian Education Loan Fund (NELFUND) has announced the official closure of the application portal for the 2024/2025 academic session, set for Tuesday. This information was shared by NELFUND's Managing Director, Mr. Akintunde Sawyerr, during a news conference held on Monday.
According to News Agency of Nigeria, Sawyerr emphasized that the closure aims to facilitate the processing of pending applications and ensure upkeep payments are managed efficiently. He further outlined the timeline for the 2025/2026 academic cycle, which aligns with the Fund's mission to broaden access to higher education through interest-free student loans. The loan portal is scheduled to reopen in the second week of October for new applications and will remain accessible until January 2026.
Sawyerr stated, 'NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind.' He highlighted that the established timelines would assist students, parents, and institutions in planning and actively participating in the loan process.
The managing director urged educational institutions to update their students' records on the Student Verification System (SVS), enabling applicants to access the scheme. He mentioned that unverified applications for the 2024/2025 session would be automatically cancelled after October 8, necessitating a reapplication for the new session. Sawyerr also cautioned that institutions failing to verify student records could face public listing for non-compliance.
Regarding upkeep stipends, Sawyerr noted that payments for the 2024/2025 session would continue through November. Students wishing to continue receiving payments must reapply for the 2025/2026 session. He reaffirmed the interest-free nature of the loans, with repayment starting two years post-completion of the National Youth Service Corps (NYSC), and repayment facilitated by a 10 percent salary deduction by employers.
Sawyerr expressed concern over unexpected increases in tuition and ancillary fees at some institutions and mentioned that a committee, appointed by the Minister of Education, is collaborating with regulators to harmonize and standardize fee structures nationwide. Addressing concerns about upkeep stipends, he confirmed the current N20,000 monthly allowance would remain unchanged for now, though an ongoing review of regional cost-of-living indices might result in future adjustments.