Portal Shut to Process Pending Requests
The Nigerian Education Loan Fund (NELFUND) has closed its application portal for the 2024/2025 academic session effective Tuesday, September 29.
Managing Director Akintunde Sawyerr said at a news conference in Abuja that the temporary closure would enable the agency to conclude processing of pending applications and upkeep allowance payments.
He announced that the loan portal would reopen in the second week of October for fresh applications and remain open until January 2026.
Verification Deadline and Institutional Compliance
Sawyerr 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 2024/2025 would be automatically cancelled after October 8, and affected students would be required to reapply under the new session.
Institutions that fail to verify students’ records, he cautioned, risk being publicly listed for non-compliance.
Upkeep Payments, Repayment and Fee Concerns
The NELFUND chief explained that payment of upkeep stipends for the 2024/2025 session would continue until November but that students must reapply for 2025/2026 to continue receiving payments.
He reiterated that the scheme remains interest-free, with repayment to begin two years after completion of the National Youth Service Corps (NYSC), while employers will deduct 10 per cent of beneficiaries’ salaries.
Sawyerr also expressed concern over arbitrary hikes in tuition and ancillary fees by some institutions, saying a committee set up by the Minister of Education is working with regulators to harmonise and standardise fee structures nationwide.
He said the current N20,000 monthly upkeep allowance would not be increased immediately but noted that an ongoing review of cost-of-living indices could lead to weighted adjustments in the future.