The Nigerian Education Loan Fund (NELFUND) has disbursed N22 billion in student loans to 200,000 beneficiaries across various institutions nationwide.
As part of its operations, NELFUND has officially closed the 2023/2024 application process and opened the portal for the 2024/2025 academic session.
Akintunde Sawyerr, the Managing Director of the Fund, made this known at a press conference in Abuja on Monday, stating that the 2023/2024 application process would close on February 21, 2025, while the portal for the 2024/2025 applications will open the following day, February 22.
Sawyerr further disclosed that NELFUND had disbursed a total of N12.8 billion in upkeep support to 169,114 students.
“In just 220 days, we have received an impressive 364,042 applications, averaging 1,000 applications per day. I am proud to announce that N22.7 billion has been disbursed to cover institutional fees across 240 institutions, directly benefiting 215,514 students. Additionally, a total of N12.8 billion has been disbursed as upkeep support, reaching 169,114 students, each receiving N20,000 monthly to assist with their living expenses.
“As part of our commitment to efficiency, transparency, and continuous improvement, we formally announce the closure of the 2023/2024 application cycle on our student loan portal. This marks a critical transition as we prepare to open the 2024/2025 application cycle.
“The 2023/2024 student loan application portal will officially close on February 21, 2025. We want to reassure all applicants who have successfully submitted their applications before this deadline that their applications will be processed in line with our established guidelines. Our team remains committed to ensuring a fair and timely review of all pending applications.
“I am pleased to announce that the 2024/2025 application cycle will officially commence on February 22, 2025. This transition is a necessary step to streamline our operations, align with the academic calendar, and enhance our ability to process applications efficiently,” he said.
The Managing Director encouraged potential applicants to begin gathering the required documents and assured those who had submitted applications on time that their requests would be reviewed according to the Fund’s standard procedures.
Also speaking, Mustapha Iyal, the Executive Director of Operations at NELFUND, stated that the Fund is updating its system and students’ database to identify dropouts who are still receiving stipends.
“Our current focus is to update our system, including refreshing the students’ database. Without this update, it’s difficult to determine who is no longer in school. We are working closely with institutions to address this,” Iyal explained.
He further mentioned that the Fund had accumulated extensive data from relevant institutions, but many applicants continue to emerge without the necessary updates.
Additionally, he noted that the 2024-2025 application cycle would provide an opportunity to update the Fund’s database.
He also warned that some applicants might not receive the next upkeep support, as they had participated in the 2023-2024 session but were unable to progress into the 2024-2025 academic year.
