The Nigerian Education Loan Fund (NELFUND) says that upkeep loan disbursement is now strictly tied to the academic session of each institution.
A statement by the Director of Strategic Communications Oseyemi Oluwatuyi states that in line with the directive, students shall only be entitled to upkeep loans for their current academic session and Upon the conclusion of an institution’s academic year, upkeep payments for that session shall automatically cease.
She further said 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
NELFUND is a student loan initiative in Nigeria that provides interest-free loans to students in tertiary institutions.
Here’s what you need to know :
Key Features:
– Interest-free loan: NELFUND offers loans without interest charges, making it easier for students to repay after graduation.
– Tuition and upkeep coverage: The loan covers both tuition fees and living expenses, ensuring students can focus on their studies.
– Repayment terms: Graduates are required to start repayment two years after securing employment or establishing a business.
– Eligibility: Students from low-income backgrounds, enrolled in public tertiary institutions, and meeting specific criteria can apply.
Benefits:
– Increased access to education: NELFUND aims to reduce financial barriers to higher education, promoting inclusivity and equality.
– Reduced dropout rates: By providing financial support, NELFUND helps students complete their studies and achieve their academic goals.
– Economic empowerment: The loan scheme enables students to pursue their education without financial burdens, empowering them to contribute to Nigeria’s economic growth.
Application Process:
– Registration: Students register on the NELFUND portal, providing required documents and information.
– Verification: NELFUND verifies the student’s eligibility and application details.
– Disbursement: Funds are disbursed directly to institutions for tuition fees and to students for upkeep allowances .
Impact:
– Over 449,000 beneficiaries: NELFUND has disbursed ₦86.3 billion to nearly 450,000 students since its launch in May 2024.
– Improved education outcomes: The initiative aims to enhance education outcomes by providing financial support to students and promoting transparency in fund allocation .
More About NELFUND
