Photo File: NELFUND

The Nigerian Education Loan Fund (NELFUND) has closed its application portal for the 2024/2025 academic session, with the deadline taking effect on Tuesday.

Managing Director of NELFUND, Akintunde Sawyerr, disclosed this at a news conference in Abuja on Monday, explaining that the closure would allow the Fund to conclude processing of pending applications and upkeep payments.

Sawyerr also unveiled the timeline for the 2025/2026 academic session. He said the portal will reopen in the second week of October 2025 for fresh applications and remain active until January 2026, in line with NELFUND’s mandate to expand access to higher education through interest-free student loans.

“NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind. These timelines provide clarity for students, parents, and institutions to plan and participate fully in the process,” Sawyerr said.

The managing director directed higher institutions to update students’ records on the Student Verification System (SVS) to enable access to the scheme. He warned that all unverified applications for the 2024/2025 cycle would be cancelled after October 8, requiring affected students to reapply under the new session. Institutions that fail to verify records risk being publicly listed for non-compliance, he added.

On upkeep stipends, Sawyerr confirmed that payments for the 2024/2025 session would continue until November, but stressed that beneficiaries must reapply for the 2025/2026 session to continue receiving stipends. The ₦20,000 monthly allowance will remain unchanged for now, though he noted that an ongoing review of cost-of-living indices could lead to region-based adjustments in the future.

Regarding loan repayment, Sawyerr reiterated that the scheme remains interest-free, with repayment beginning two years after the completion of the National Youth Service Corps (NYSC). Employers will be mandated to deduct 10% of beneficiaries’ salaries to service the loans.

He further expressed concern over arbitrary hikes in tuition and related fees by some institutions, revealing that a ministerial committee is currently working with regulators to harmonise and standardise fee structures across the country’s higher education system.