NELFUND Stops Student Upkeep ₦20,000 Monthly Allowance During School Holidays
By: Israel Adeleke
OPEN TELEVISION NAIJA (OTN) News reports that the Nigerian Education Loan Fund (NELFUND) has announced that student upkeep loan payments will now be strictly limited to active academic sessions, ending once schools go on break.
OTN News further reports that the NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi, who disclosed this in a statement issued on Thursday, said that the new directive is designed to streamline the disbursement process and ensure loans are tied directly to each institution’s academic calendar.
“In line with this directive, students shall only be entitled to upkeep loans for their current academic session. Upon the conclusion of an institution’s academic year, upkeep payments for that session shall automatically cease.
“Consequently, students who transition into a new academic year will no longer receive upkeep disbursements for the preceding session,” Oluwatuyi said in the statement.
Furthermore, he explained that prospective applicants must now apply at the beginning of every academic session to be eligible for both institutional charges and upkeep payments tied to that period.
“To ensure accuracy and transparency, the NELFUND loan portal is being automated to reflect this adjustment. The portal will henceforth display only the upkeep loans that have been collected by each student within the relevant session.
“Institutions are therefore strongly advised to upload their academic calendars and sessional information in a timely manner to guarantee that their students receive the full upkeep benefits due to them for an entire academic year,” he stated.
OTN News observes that, currently, beneficiaries of the student loan scheme receive N20,000 monthly as upkeep allowance, amounting to N240,000 yearly, in addition to institutional loans disbursed directly to their schools.
However, with the new policy, students will continue to enjoy the monthly ₦20,000 allowance only during active academic sessions, but disbursements will be suspended during school holidays.
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