The Nigerian Education Loan Fund (NELFUND) has rolled out fresh guidelines for the disbursement of upkeep loans, clarifying that such payments will now be strictly tied to the academic sessions of individual institutions.
This was contained in a statement signed by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND.
Under the new policy, upkeep loans will only cover the duration of a student’s current academic session.
Payments will stop automatically once an institution concludes its academic year, meaning students will not continue to receive upkeep disbursements from a previous session after transitioning to a new one.
Additionally, NELFUND directed that all students seeking loan support must reapply at the start of each academic session to qualify for both institutional charges and upkeep benefits for that period.
To enforce this adjustment, the loan portal has been automated to reflect disbursements per session, showing only the upkeep loans collected by each student within the applicable academic year.
The Fund also urged tertiary institutions to upload their academic calendars and session details on time.
This, it stressed, would ensure that students receive their full upkeep entitlements without unnecessary delays.
Speaking on the development, NELFUND reaffirmed its commitment to transparency and efficiency in supporting Nigerian students.
According to the Fund, the new measures are aimed at improving accountability and ensuring a smooth loan administration process.
Students and institutions seeking more information have been advised to reach the Fund through its official communication handles.
