NELFUND introduces new guidelines on upkeep loan disbursement
The Nigerian Education Loan Fund (NELFUND) has announced new guidelines for the disbursement of upkeep loans to eligible students, disclosing that this is now strictly tied to the academic session of each institution.
The Fund has therefore notified the students, institutions, and the public that students “shall only be entitled to upkeep loans for their current academic session,” adding that on the conclusion of an institution’s academic year, upkeep payments for that session shall automatically cease.
Director, Strategic Communications NELFUND, Mrs Oseyemi Oluwatuyi, in a statement on Thursday in Abuja, said in line with this directive, students who transition into a new academic year would no longer receive upkeep disbursements for the preceding session.
“Furthermore, interested loan applicants are required to apply for the loan at the beginning 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,” Oluwatuyi stated.
NELFUND in the statement strongly advised institutions 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.
“NELFUND remains committed to its mandate of providing accessible, transparent, and efficient loan support to Nigerian students, and counts on the cooperation of all stakeholders in the smooth implementation of this directive,” it stated.
