Mr Viral
The Nigerian Education Loan Fund (NELFUND) has announced that upkeep loan disbursements to students will henceforth be aligned strictly with the academic calendars of tertiary institutions.
This was disclosed in a statement issued on Thursday by NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi.
According to the statement, students will only be entitled to upkeep loans for their active academic sessions. Payments will automatically cease once an institution’s academic year concludes, and disbursements will not extend into subsequent sessions. Students advancing to a new academic year will be required to reapply to access both tuition support and upkeep allowances.
“To ensure accuracy and transparency, the NELFUND loan portal is being automated to reflect this adjustment. The portal will henceforth display only the upkeep loans accessed by each student within the relevant session,” the agency stated.
The Fund further directed institutions to upload their academic calendars and sessional information promptly, noting that delays could affect students’ access to their full upkeep benefits.
Currently, beneficiaries of the scheme receive tuition payments made directly to institutions alongside a monthly upkeep allowance of ₦20,000, amounting to ₦240,000 annually. Under the revised policy, however, the monthly stipends will only be paid during active academic sessions, with disbursements suspended during holidays.
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