The Nigerian Education Loan Fund (NELFUND) has released new guidelines for disbursing student upkeep loans, stating that payments will now strictly align with the academic sessions of individual institutions.
In a statement signed by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, the agency explained that upkeep loans will only cover the duration of a student’s current academic session. Disbursements will automatically stop once an institution concludes its academic year, ensuring students do not continue to receive funds from a previous session after moving to the next.
Students must now reapply at the beginning of every academic session to qualify for both institutional charges and upkeep benefits. To support the change, NELFUND has automated its loan portal to display disbursements per session, showing only the upkeep loans collected during the applicable academic year.
The Fund also called on tertiary institutions to promptly upload their academic calendars and session details to avoid delays in payments. It reaffirmed its commitment to transparency and efficiency, noting that the new measures are designed to strengthen accountability and streamline the loan administration process.
Students and institutions seeking further clarification were urged to contact NELFUND through its official communication channels.
