NELFund says students must now reapply for upkeep loans every session

The Nigerian Education Loan Fund (NELFund) has announced new guidelines linking the disbursement of upkeep loans to the academic sessions of tertiary institutions across the country.

Under the new directive, students will only be entitled to upkeep payments for their current academic year.

In a statement on Thursday, the fund said disbursements will automatically stop once an institution’s academic session concludes.

Students advancing to a new academic year, it explained, will need to reapply to access upkeep support for the new session.

“Upon the conclusion of an institution’s academic year, upkeep payments for that session shall automatically cease,” NELFund said.

“Students who transition into a new academic year will no longer receive upkeep disbursements for the preceding session.

“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.”

NELFund disclosed that its loan portal is undergoing automation to ensure transparency, adding that the upgraded system will now display only the upkeep loans collected by each student for their respective sessions.

The fund has urged institutions to promptly upload their academic calendars and sessional information, allowing students to receive the full benefits of the upkeep loan throughout the year.

“NELFund remains committed to providing accessible, transparent, and efficient loan support to Nigerian students and counts on the cooperation of all stakeholders,” it added.