The Nigerian Education Loan Fund (NELFUND) has announced key dates and policy updates for its student loan scheme.
The Managing Director of NELFUND, Mr Akintunde Sawyerr, announced on Monday that the application portal for the 2024/2025 academic session will officially close on Tuesday.
This closure will allow the Fund to finalize processing all pending applications and upkeep payments for the current session.
2025/2026 Academic Session Timeline
NELFUND has set clear timelines for the next cycle of applications, which will expand access to interest-free student loans:
Portal Reopening:
The loan portal will reopen in the second week of October for fresh applications.
Application Deadline:
The portal will remain open until January 2026.
Important Directives and Warnings
Unverified Applications: All unverified applications for the 2024/2025 session will be automatically cancelled after October 8.
Students whose applications are cancelled must reapply in the new 2025/2026 session.
Institution Compliance:
Institutions must immediately update their students’ records on the Student Verification System to ensure applicants can access the scheme.
Institutions that fail to verify student records risk being publicly listed for non-compliance.
Upkeep Stipends:
Payments for the 2024/2025 session will continue until November. Students must reapply for the 2025/2026 session to continue receiving monthly stipends.
The current stipend of ₦20,000 per month will not be immediately increased, though a review of cost-of-living indices across regions is ongoing and may lead to future adjustments.
Repayment and Fee Structure
Mr Sawyerr reiterated that the student loan scheme remains interest-free. Repayment is scheduled to begin two years after a beneficiary completes their National Youth Service Corps (NYSC), with employers mandated to deduct 10% of the beneficiaries' salaries.
NELFUND also expressed concern over recent arbitrary hikes in tuition and ancillary fees by some institutions.
A committee set up by the Minister of Education is currently working with regulators to harmonize and standardize fee structures across all tertiary institutions.
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