The Nigerian Education Loan Fund (NELFUND) has announced that upkeep loan disbursements are now strictly tied to the academic sessions of each institution.
According to the Director of Corporate Communications, Oseyemi Oluwatuyi, on conclusion of an institution’s academic year, upkeep payments for that session shall automatically cease.
“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,” Oluwatuyi said in a statement obtained by Persecondnews.
NELFUND further advised that 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,” he stated.
Persecondnews reports that apart from institutional loans disbursed directly to institutions, beneficiaries of the student loan scheme enjoy monthly disbursement of N20,000 which amounts to N240,000 yearly.
With the new directive, students will only enjoy the monthly N20,000 during academic session.
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