NELFUND says its student loan portal for the 2024/2025 session will close on Tuesday.
Officials urge institutions to verify records as payments continue and new applications open in October.
The Nigerian Education Loan Fund (NELFUND) has said its application portal for the 2024/2025 academic session will close on Tuesday.
Managing Director of NELFUND, Akintunde Sawyerr, disclosed this at a news conference in Abuja on Monday. He said the closure would allow the agency to complete processing of pending applications and upkeep payments.
Sawyerr also announced that the loan portal will reopen in the second week of October for fresh applications and remain accessible until January 2026. He explained that the Fund is committed to removing financial barriers for students and will work with institutions to ensure no qualified student is left out.
He directed higher institutions to update students’ records on the Student Verification System to enable applicants access the scheme. According to him, all unverified applications for 2024/2025 will be automatically cancelled after October 8, and students affected will need to reapply under the new session. Institutions that fail to verify students’ records risk being publicly listed for non-compliance.
On upkeep stipends, Sawyerr said payments for the 2024/2025 session would continue until November, while students would need to reapply for the 2025/2026 session to keep receiving the allowance.
He reaffirmed that the scheme remains interest-free, with repayment to begin two years after completion of the National Youth Service Corps. Employers will be required to deduct 10 per cent of beneficiaries’ salaries to repay the loans.
Sawyerr also raised concerns about the rising tuition and other fees charged by some institutions. He noted that a committee set up by the Minister of Education is working with regulators to harmonize and standardize fees across schools.
Responding to questions about the ₦20,000 monthly allowance, he said it would not be increased immediately but added that an ongoing review of living costs across different regions could lead to future adjustments.
