NELFUND to Close 2024/2025 Student Loan Portal Tuesday, Sets Timeline for New Applications

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The Nigerian Education Loan Fund (NELFUND) has announced that the application portal for the 2024/2025 academic session will officially close on Tuesday, September 24.

Managing Director of NELFUND, Akintunde Sawyerr, disclosed this at a news conference in Abuja on Monday. He explained that the closure would allow the Fund to complete processing of pending applications and continue upkeep payments to beneficiaries.

Sawyerr also unveiled timelines for the 2025/2026 academic cycle. According to him, the loan portal will reopen in the second week of October and remain accessible until January 2026.

“NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind. These timelines provide clarity for students, parents, and institutions to plan and participate fully in the process,” he said.

The NELFUND chief directed tertiary institutions to update their students’ records on the Student Verification System (SVS) to enable applicants to access the scheme. He warned that all unverified applications for the current session would be automatically cancelled after October 8, adding that affected students would have to reapply under the new cycle.

Sawyerr further cautioned that institutions failing to verify student records risk being publicly listed for non-compliance.

On upkeep stipends, he confirmed that payments for the 2024/2025 session would continue until November. However, beneficiaries are expected to reapply for the 2025/2026 session to continue receiving allowances.

He reiterated that the scheme remains interest-free, with repayment beginning two years after the completion of the National Youth Service Corps (NYSC). Employers will be mandated to deduct 10 per cent of beneficiaries’ salaries once repayment commences.

Speaking on tuition concerns, Sawyerr criticised arbitrary hikes in fees by some institutions, noting that a ministerial committee is working with regulators to harmonise and standardise charges across the education sector.

On upkeep stipends, he maintained that the current ₦20,000 monthly allowance would not be increased immediately. However, he said an ongoing review of cost-of-living indices across regions may lead to weighted adjustments in the future.