The Nigerian Education Loan Fund (NELFUND) has issued new guidelines restricting the disbursement of upkeep loans strictly to the duration of each institution’s academic calendar.
In a statement signed by its Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, the Fund stated that students will henceforth be entitled to upkeep loans only for their current academic session. Upkeep payments, it added, will automatically cease once an institution’s academic year concludes.
“Students transitioning into a new academic year will no longer receive upkeep payments for the previous session,” the statement read.
Under the revised directive, students are now required to reapply at the start of every academic session to access both tuition and upkeep support.
To implement the policy shift, NELFUND said it is currently upgrading its loan portal to reflect the new structure. The portal will henceforth display only upkeep loans disbursed within a student’s active academic session.
The Fund also urged tertiary institutions to upload their academic calendars and sessional information promptly. This, it noted, is essential to ensuring that students receive their full entitlements without disruption.
“Institutions are strongly encouraged to provide sessional data in a timely manner to avoid delays in disbursement and to guarantee full upkeep benefits for their students,” Oluwatuyi said.
Reaffirming its commitment to accessible, efficient, and transparent loan services, NELFUND called for the cooperation of all stakeholders in the smooth implementation of the policy.
