The Nigerian Education Loan Fund (NELFUND) has announced that its application portal for the 2024/2025 academic session will officially close on Tuesday, September 30, 2025.
Managing Director of NELFUND, Akintunde Sawyerr, made this known during a press briefing in Abuja on Monday.
He explained that the closure would allow the Fund to process pending applications and continue disbursing upkeep stipends to beneficiaries.
Sawyerr also unveiled the calendar for the 2025/2026 academic session, stating that the loan portal will reopen in the second week of October and remain active until January 2026.
“NELFUND remains committed to ensuring that no eligible student is excluded due to financial hardship. These timelines will help students, parents, and institutions to plan effectively,” he said.
According to him, all unverified applications for the 2024/2025 session will be cancelled after October 8, with affected students required to reapply under the new cycle.
He urged institutions to promptly update their students’ records on the Student Verification System, warning that defaulting institutions risk being named publicly for non-compliance.
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On upkeep stipends, Sawyerr noted that payments for the 2024/2025 session would run until November, but beneficiaries must reapply to continue receiving support in the next session.
He added that the monthly ₦20,000 allowance would not be reviewed upward for now, though adjustments could be made in the future based on cost-of-living assessments across regions.
Speaking on repayment, Sawyerr reiterated that the scheme remains interest-free, with beneficiaries expected to begin repayment two years after completing their National Youth Service Corps. Employers, he said, are mandated to deduct 10 per cent of salaries to settle the loans.
He further expressed concern over the rising tuition and fees in several institutions, disclosing that a committee set up by the Minister of Education is working with regulators to harmonise fee structures nationwide.