The Nigerian Education Loan Fund (NELFUND) says students will no longer receive upkeep loans during school holidays, as disbursements will now be tied strictly to academic sessions.
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In a statement on Thursday, the fund’s Director of Corporate Communications, Oseyemi Oluwatuyi, explained that upkeep payments will stop once an institution’s academic year ends and will only resume when students move into a new session.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
“Students shall only be entitled to upkeep loans for their current academic session. Upon conclusion of the session, upkeep payments automatically cease,” he said.
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LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Oluwatuyi added that students must apply for loans at the start of each academic year to qualify for both tuition and upkeep allowances for that period.
He noted that NELFUND’s loan portal is being automated to reflect the new policy, ensuring that only upkeep loans within the relevant session appear on each student’s record. He also urged institutions to promptly upload academic calendars to guarantee uninterrupted payments for their students.
Under the scheme, students receive N20,000 monthly, totaling N240,000 yearly. With the adjustment, the allowance will now be paid only during active school sessions, with disbursements suspended during holidays.
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