The Nigerian Education Loan Fund (NELFUND) has introduced updated regulations for the disbursement of upkeep loans, linking payments directly to the academic sessions of individual tertiary institutions.
The announcement was made in a statement released by Mrs. Oseyemi Oluwatuyi, NELFUND’s Director of Strategic Communications.
According to the new framework, upkeep loans will now be valid only for the duration of a student’s current academic session. Payments will automatically cease once the academic year of an institution ends. This means students transitioning into a new session will no longer continue receiving disbursements from the previous one.
NELFUND further clarified that all students requiring loan assistance must reapply at the start of every academic session. This reapplication process will cover both institutional charges and upkeep allowances for the session in question.
To support the enforcement of this directive, the agency revealed that its loan application portal has been fully automated. The system now displays disbursements on a session-by-session basis, clearly recording upkeep payments collected by each student for accountability.
Additionally, NELFUND called on tertiary institutions to promptly upload their academic calendars and session details. The Fund explained that this step is essential to avoid unnecessary delays and to ensure that students receive their full upkeep entitlements without interruption.
Reiterating its commitment, NELFUND emphasized that the revised measures were designed to strengthen transparency, improve accountability, and guarantee a seamless administration of loan disbursements to Nigerian students.
The Fund also encouraged both students and academic institutions to reach out through its official communication channels for further guidance and clarification.
What you should know
The Nigerian Education Loan Fund (NELFUND) has restructured its upkeep loan disbursement system to align with students’ academic sessions. Under the new policy, students must reapply at the beginning of each session to access both upkeep allowances and institutional charges.
Disbursements will automatically stop once an institution concludes its academic year, ensuring accountability and transparency. The system has also been automated to reflect session-based payments, while tertiary institutions are expected to upload their academic calendars promptly.
NELFUND says these measures aim to improve efficiency and guarantee timely financial support for Nigerian students.
