The Nigerian Education Loan Fund (NELFUND) has announced that its application portal for the 2024/2025 academic session will officially close on Tuesday to allow for the processing of pending applications and upkeep payments.
In an update shared on X, the agency also unveiled timelines for the 2025/2026 loan cycle, with the portal set to reopen in the second week of October and remain accessible until January 2026.
Managing Director Akintunde Sawyerr, confirming the development in Abuja, directed institutions to update student records on the Student Verification System, warning that unverified applications for 2024/2025 would be automatically cancelled after October 8. Affected students would have to reapply under the new cycle, he said.
Sawyer further cautioned that institutions failing to verify records risk being publicly listed for non-compliance.
On upkeep stipends, he explained that payments for the 2024/2025 session will continue until November, while students must reapply for the next cycle to remain eligible. The current ₦20,000 monthly allowance will be maintained.
He reiterated that the loan scheme remains interest-free, with repayment scheduled to begin two years after the completion of the National Youth Service Corps. Employers will be mandated to deduct 10% of beneficiaries’ salaries to facilitate repayment.
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