The Nigerian Education Loan Fund (NELFUND) announced the 2024/2025 loan application portal will close on Tuesday.
Managing Director Akintunde Sawyerr disclosed this at a news conference in Abuja on Monday, as gathered by Diaspora Digital Media (DDM).
He explained the closure will allow the Fund to conclude processing of pending applications and upkeep payments.
Timelines for 2025/2026 session revealed
Sawyerr also outlined timelines for the 2025/2026 academic cycle, emphasizing NELFUND’s commitment to interest-free student loans.
The portal for fresh applications will reopen in the second week of October.
It will remain open until January 2026 to accommodate all new applicants.
“These timelines provide clarity for students, parents, and institutions to plan and participate fully,” Sawyerr said.
NELFUND remains committed to removing financial barriers and ensuring no eligible student is left behind.
Institutions must update student records
Sawyerr directed institutions to update student records on the Student Verification System for loan access.
All unverified applications for 2024/2025 will be automatically cancelled after October 8.
Affected students must reapply under the new 2025/2026 session to access funding.
He warned institutions failing to verify student records risk being publicly listed for non-compliance.
Upkeep stipends and loan terms
Payment of upkeep stipends for 2024/2025 will continue until November, Sawyerr said.
Students must reapply for 2025/2026 to continue receiving monthly allowances.
The current allowance is ₦20,000 per month, with no immediate plans for an increase.
The loan scheme remains interest-free, with repayment beginning two years after NYSC completion.
Employers are mandated to deduct 10 per cent of beneficiaries’ salaries for repayment.
Concerns over tuition hikes
Sawyerr expressed concern over arbitrary tuition and ancillary fee increases by some institutions.
A committee set up by the Minister of Education is standardizing fee structures nationwide.
The initiative aims to harmonize costs and protect students from unexpected financial burdens.
NELFUND’s mandate and commitment
NELFUND supports students needing financial assistance to pursue higher education across Nigeria.
Since inception, it has provided interest-free loans and monthly stipends to thousands of students.
By enforcing verification protocols, timelines, and fee monitoring, the Fund ensures transparency and timely disbursement.
He urged all institutions and students to comply to avoid losing access to loans.
Looking ahead
With the 2024/2025 portal closing, unverified or incomplete applications face cancellation, raising fears of exclusion.
The 2025/2026 portal reopening in October provides a new opportunity for eligible students to benefit.
Sawyerr’s announcements reinforce NELFUND’s mission to expand higher education access and financial inclusion nationwide.
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The post Nelfund’s loan deadlines spark fears of student exclusion
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first appeared on Diaspora Digital Media DDM.
