The Nigerian Education Loan Fund (NELFUND) has announced plans to stop the ₦20,000 upkeep loan disbursement to students during school holidays.
NELFUND disclosed this in a statement on Thursday by its Director of Corporate Communications, Oseyemi Oluwatuyi.
The statement read, “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.”
NELFUND further stated that interested applicants must apply for the loan at the start of every academic session to be eligible for both institutional charges and upkeep for that particular session.
“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,” he added.
President Bola Ahmed Tinubu signed the Access to Higher Education Act into law, institutionalising student loans for Nigerians in public tertiary institutions.
The loan scheme was introduced as part of the government’s effort to expand access to higher education.
In 2024, the Nigerian government, through NELFUND, began implementing the law, offering student loans to Nigerians. For approved applicants, the Fund pays school fees directly to institutions and provides an optional ₦20,000 monthly upkeep allowance.
