The Nigerian Education Loan Fund (NELFUND) has announced the closure of its application portal for the 2024/2025 academic session, effective Tuesday.
Managing Director Akintunde Sawyerr confirmed the closure at a news conference in Abuja, explaining that the move allows the Fund to complete processing of pending applications and upkeep payments.
He stated that the loan portal will reopen in the second week of October for the 2025/2026 session and remain accessible until January 2026. Sawyerr noted that the timeline will provide clarity for students, parents, and institutions in planning ahead.
“NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind,” he said.
Sawyerr directed institutions to update student records on the Student Verification System to enable access to the scheme. He warned that unverified applications for 2024/2025 would be cancelled after October 8, with affected students required to reapply for the new session.
He also cautioned institutions against non-compliance, stressing that those failing to verify student records risk being publicly listed.
On upkeep stipends, he said payments for the current session would continue until November. However, students would need to reapply under the 2025/2026 cycle to continue receiving support.
The managing director reiterated that the loan scheme is interest-free, with repayment starting two years after the National Youth Service Corps. Employers are required to deduct 10 percent of beneficiaries’ salaries to offset the loan.
Addressing rising tuition fees, Sawyerr expressed concern over arbitrary hikes and confirmed that a committee set up by the Minister of Education is working with regulators to standardise fee structures across institutions.
He added that the current ₦20,000 monthly upkeep allowance would remain unchanged for now, though ongoing cost-of-living reviews could lead to adjustments in the future.
