Stories by Godfrey AKON
The National Education Loan Fund, NELFund, has announced the closure of its 2023-2024 student loan application cycle and is set to launch the 2024-2025 application portal.
Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, made this known during a press briefing in Abuja on Monday.
He confirmed that the 2023-2024 application portal will officially close on February 21, 2025, while the 2024-2025 cycle will commence on February 22, 2025.
On key achievements in the year, Sawyerr highlighted NELFund’s impact over the past 220 days, during which the organization received 364,042 applications and disbursed over N35 billion in institutional fees and upkeep support, benefiting more than 380,000 students.
“In just 220 days, we have processed an impressive 364,042 applications, averaging 1,000 applications per day.
“Institutional Fees Disbursed: N22.7 billion across 240 institutions, benefiting 215,514 students.
Upkeep Support Disbursed: N12.8 billion, reaching 169,114 students, each receiving N20,000 monthly for living expenses,” he said.
Sawyerr reaffirmed NELFund’s commitment to efficiency, transparency, and fairness in processing applications.
“As part of our dedication to transparency and operational efficiency, we officially announce the closure of the 2023-2024 application cycle on our student loan portal.
“We assure all applicants who have successfully submitted their applications before the February 21, 2025 deadline that their requests will be processed in accordance with our guidelines. Our team remains committed to a fair and timely review of all pending applications,” he said.
He further stated that the 2024-2025 application cycle will open on February 22, 2025, aligning with the academic calendar to improve efficiency and streamline operations.
NELFund also addressed concerns over delays in processing applications, attributing them to slow responses from institutions in verifying student information. These delays, he explained, impact the timely disbursement of institutional fees and upkeep support.
Upkeep payments are processed only after institutional fees are confirmed, typically with a gap of one to two weeks between the two payments.
The Fund is actively updating its student database to ensure that only active students continue receiving support as it transitions into the 2024-2025 academic session.
Sawyerr expressed gratitude to partners, stakeholders, and institutions for their collaboration and reaffirmed NELFund’s commitment to supporting Nigerian students in achieving their educational goals.
