The Nigerian Education Loan Fund (NELFUND) has announced that it will close the 2023/2024 student loan application cycle on February 21, 2025. The transition to the 2024/2025 application cycle will begin on February 22, 2025.
Akintunde Sawyerr, the Managing Director of NELFUND, made the announcement at a news conference in Abuja on Monday, highlighting the organization’s commitment to efficiency, transparency, and continuous improvement of the student loan scheme.
Sawyerr shared that, within 220 days, NELFUND received an impressive 364,042 applications, averaging 1,000 applications daily. He further revealed that the fund had disbursed N22,736,960,971.58 to cover institutional fees across 150 institutions, benefiting 215,514 students. Additionally, N12,818,960,000 was disbursed as upkeep support, providing N20,000 monthly to 169,114 students for living expenses.
He assured applicants who submitted their applications before the deadline that their applications would be processed according to NELFUND’s established guidelines. Sawyerr emphasized that the transition to the new cycle is crucial for streamlining operations, aligning with the academic calendar, and improving the efficiency of the application process.
