The Nigerian Education Loan Fund (NELFUND) has announced that the student loan application portal for the 2024/2025 academic year will close on Tuesday.
Managing Director of NELFUND, Akintunde Sawyerr, revealed this during a media briefing in Abuja on Monday. He explained that shutting the portal would enable the agency to complete the processing of existing applications and continue the disbursement of upkeep payments to approved beneficiaries.
Sawyerr also unveiled the timetable for the 2025/2026 application cycle, reaffirming the Fund’s goal of expanding access to higher education through interest-free loans. According to him, the portal will reopen in the second week of October and will remain active until January 2026 for new submissions.
He urged tertiary institutions to update students’ details on the Student Verification System (SVS) to ensure smooth access to the scheme. Applications from the current session that remain unverified by October 8 will be cancelled, and affected students will need to submit fresh applications for the next academic year. Institutions that fail to verify student records, he warned, risk being publicly named for non-compliance.
Regarding financial support, Sawyerr confirmed that upkeep stipends for the 2024/2025 session will continue until November, while students must reapply for the 2025/2026 session to keep receiving payments. He stressed that the loans remain interest-free, with repayment scheduled to begin two years after the completion of the National Youth Service Corps (NYSC). Employers will be required to deduct 10 per cent of beneficiaries’ salaries to facilitate repayment.
He further raised concerns about the rising cost of tuition and other fees in some institutions, noting that a ministerial committee is working with regulatory bodies to harmonise and standardise charges across campuses. Although the monthly upkeep allowance remains ₦20,000 for now, Sawyerr said a review of living costs across different regions could lead to future adjustments.
Sawyerr concluded by assuring students and parents that the new timelines will help them plan effectively and benefit from a transparent and inclusive loan process aimed at reducing financial obstacles to higher education.