The Nigerian Education Loan Fund (NELFUND) has announced that applications for the 2023/2024 academic session will close on Friday, 21 February.
The Fund also said it would start accepting applications for the 2024/2025 session from Saturday, 22 February.
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The Managing Director of the Fund, Akintunde Sawyerr, made this known at a press conference on Monday in Abuja.
Mr Sawyerr said the Fund would continue to consider all applications submitted before the deadline.
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He explained that the transition is necessary for the Fund to streamline its operations to align with the institutions’ academic calendar and enhance its ability to process applications efficiently.
“As part of our commitment to efficiency, transparency, and continuous improvement, we are here today to formally announce the closure of the 2023/2024 session application cycle on our student loan portal. This marks a critical transition as we prepare to open the 2024/2025 application cycle,” he said.
“NELFUND remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints.”
Total Applications, disbursements
According to Mr Sawyerr, the Fund received 364,042 applications in 220 days since it was opened in May 2024.
He said the Fund has disbursed N35 billion in school fees and student loan beneficiaries’ upkeep in the last academic year.
While N22.7 billion (22,736,960,971.58) was disbursed to cover institutional fees of 215,514 students across 150 institutions, N12.8 billion (N12,818,960,000) has been disbursed as upkeep support for 169,114 students – each receiving N20,000 monthly to assist with their living expenses.
Student Loan
Shortly after assuming office, President Bola Tinubu assented to the Access to Higher Education Act (2023) to provide interest-free lloans to Nigerian students in public tertiary institutions.
READ ALSO: NELFUND announces total applications, disbursements to date
The law also provided the legal framework for the establishment of NELFUND, which manages applications and disburses student loans.
According to the Act, the Fund is to be funded from multiple streams and will engage in other productive activities.
According to the Act, it will also be funded through donations, gifts, grants, endowments, and revenue accruing to the fund from any other source.
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