The Nigerian Education Loan Fund (NELFUND) has announced that student upkeep loans will now be strictly tied to the academic sessions of respective institutions.
In a statement signed by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, and posted on the Fund’s official X handle, NELFUND explained that upkeep disbursements will only cover the ongoing academic year and automatically cease once the session ends.
“Students shall only be entitled to upkeep loans for their current academic session. Upon the conclusion of an academic 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,” the statement read.
The Fund further directed that students must reapply for loans at the beginning of every new academic session in order to access both institutional charges and upkeep for that particular year.
To enhance accuracy and transparency, NELFUND disclosed that its loan portal is being upgraded to reflect the changes, ensuring that only upkeep loans collected within the relevant session are displayed for each applicant.
The Fund also urged higher institutions to promptly upload their academic calendars and sessional information to guarantee timely processing and disbursement of students’ upkeep benefits.
Reaffirming its commitment to transparency and accessibility, NELFUND called on students, institutions, and stakeholders to cooperate fully for the smooth implementation of the directive.
Credit: @NELFUND via X.
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