NELFUND to Stop Upkeep Loans During School Holidays

 

The Nigerian Education Loan Fund (NELFUND) has issued a new directive concerning the disbursement of upkeep loans for students. Here are the key points of the announcement:

Upkeep Loans Tied to Academic Sessions

Upkeep loan payments are now strictly tied to the academic session of each institution. This means that a student will only be entitled to an upkeep loan for their current academic session. Payments for a session will automatically cease once that academic year concludes.

Annual Application Requirement

To be eligible for a loan, interested applicants must now apply at the beginning of every academic session. This new policy applies to both institutional charges and upkeep payments for that specific session.

Portal Automation and Institutional Responsibility

The NELFUND loan portal is being automated to reflect this change. It will only display upkeep loans that have been collected by students within the relevant session. To ensure that students receive their full upkeep benefits, institutions are strongly advised to upload their academic calendars and sessional information to the portal in a timely manner.

NELFUND's Mandate

The fund states it remains committed to providing accessible, transparent, and efficient loan support to Nigerian students.