…orders fresh applications each session
The Nigerian Education Loan Fund, NELFUND, has issued sweeping new rules that will reshape how students access upkeep loans, declaring that disbursements will now be tied strictly to the academic calendar of each institution.
The Fund, in a statement by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, on Thursday in Abuja, said under the new directive, upkeep payments will automatically stop once an academic year ends, regardless of whether students have fully received their entitlement.
Oluwatuyi added that only those in an active session will qualify, while fresh applications must be submitted at the start of every new academic year.
“Students’ upkeep disbursement is now tied directly to the academic year. Once an institution closes its session, upkeep for that year ceases automatically,” NELFUND warned.
The agency also announced a major overhaul of its loan portal, which will now display only the upkeep loans accessed by each student within the relevant session.
Institutions, on their part, have also been ordered to upload their academic calendars promptly to guarantee uninterrupted benefits for their students.
The move is aimed at tightening accountability and eliminating overlaps in upkeep payments.
But it also means students must brace for stricter compliance if they wish to secure institutional charges and upkeep allowances each year.
NELFUND insisted the reforms are part of its drive to make student financing more transparent, efficient, and equitable.
The Fund called on universities and other tertiary institutions to cooperate fully with the new rules to avoid leaving students stranded.
“In line with this directive, students shall only be entitled to upkeep loans for their current academic session. Upon the conclusion of an 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.
“Furthermore, interested loan applicants are required to apply for the loan at the beginning of every academic session to be eligible for both institutional charges and upkeep for that particular session.
“To ensure accuracy and transparency, the NELFUND loan portal is being automated to reflect this adjustment. The portal will henceforth display only the upkeep loans that have been collected by each student within the relevant session.
“Institutions are therefore strongly advised to upload their academic calendars and sessional information in a timely manner to guarantee that their students receive the full upkeep benefits due to them for an entire academic year.
“NELFUND remains committed to its mandate of providing accessible, transparent, and efficient loan support to Nigerian students, and counts on the cooperation of all stakeholders in the smooth implementation of this directive,” the statement read.
