The Nigerian Education Loan Fund (NELFUND) has announced that upkeep allowances for students will now be disbursed strictly within the period of an institution’s academic session.
This was contained in a statement issued on Thursday by the agency’s Director of Corporate Communications, Oseyemi Oluwatuyi.
“In line with this directive, students shall only be entitled to upkeep loans for their current academic session. Upon the conclusion of an institution’s academic year, upkeep payments for that session shall automatically cease.
“Consequently, students who transition into a new academic year will no longer receive upkeep disbursements for the preceding session,” Oluwatuyi said.
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According to NELFUND, applicants must now reapply at the start of every academic year to qualify for both tuition-related charges and upkeep support for that period.
“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 that have been collected by each student within the relevant session.
“Institutions are therefore strongly advised to upload their academic calendars and sessional information in a timely manner to guarantee that their students receive the full upkeep benefits due to them for an entire academic year,” Oluwatuyi added.
Under the student loan scheme, beneficiaries currently receive N20,000 monthly, which totals N240,000 per year. With the new directive, the monthly payments will be suspended during holidays and will only resume when academic activities are in session.
