The Nigerian Education Loan Fund (NELFUND) has announced the official closure of its application portal for the 2024/2025 academic session, effective Tuesday, to allow for the processing of pending applications and upkeep payments.
Managing Director of NELFUND, Akintunde Sawyerr, disclosed this at a news conference in Abuja on Monday. He explained that the portal would reopen in the second week of October for the 2025/2026 academic cycle and remain open until January 2026.
Sawyerr assured that the Fund remains committed to eliminating financial barriers to higher education by providing interest-free loans. He stressed that the set timelines will help students, parents, and institutions plan better and ensure broader participation in the scheme.
He directed all institutions to update their students’ records on the Student Verification System, warning that unverified applications for the 2024/2025 cycle will be automatically cancelled after October 8. Affected students will be required to reapply under the new academic session. Institutions that fail to verify records, he cautioned, risk being publicly listed for non-compliance.
On upkeep stipends, Sawyerr stated that payments for the current academic session will continue until November. However, beneficiaries will need to reapply for the 2025/2026 cycle to continue receiving support. He reiterated that repayment of loans will begin two years after the completion of the National Youth Service Corps (NYSC), with employers mandated to deduct 10 percent of beneficiaries’ salaries, noting that the scheme remains strictly interest-free.
Addressing concerns about rising education costs, Sawyerr expressed worry over arbitrary tuition and fee increases by some institutions. He said a committee set up by the Minister of Education is already working with regulators to harmonize and standardize fee structures across schools.
He also clarified that the current ₦20,000 monthly upkeep allowance will not be increased immediately, though an ongoing review of cost-of-living indices across regions could lead to weighted adjustments in the future.
The NELFUND boss emphasized that the initiative is a lifeline for thousands of Nigerian students, underscoring the government’s determination to ensure that no eligible learner is denied access to higher education due to financial constraints.
