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The Nigerian Education Loan Fund has announced that the application portal for the 2024/2025 academic session will officially close on Tuesday.

This was revealed at a news conference in Abuja on Monday by the Managing Director of NELFUND, Akintunde Sawyerr.

He explained that the closure would allow the Fund to finalise the processing of pending applications and upkeep payments.

He also outlined timelines for the 2025/2026 academic cycle, in line with the agency’s mandate to broaden access to higher education through interest-free student loans.

According to him, the loan portal will reopen in the second week of October for fresh applications and will remain accessible until January 2026.

”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.

He instructed institutions to update their students’ records on the Student Verification System to enable applicants to access the scheme.

He further stated that all unverified applications for 2024/2025 would be automatically cancelled after Oct. 8, and affected students would need to reapply under the new session.

Institutions that fail to verify students’ records, he warned, risk being publicly listed for non-compliance.

On upkeep stipends, Sawyerr noted that payments for the 2024/2025 session would continue until November, adding that students must reapply for 2025/2026 to keep receiving payments.

Regarding repayment terms, he reiterated that the scheme is interest-free, with repayment scheduled to begin two years after the completion of the National Youth Service Corps. Employers will be required to deduct 10 per cent of beneficiaries’ salaries.

He also raised concerns about arbitrary increases in tuition and ancillary fees by some institutions, stating that a committee set up by the Minister of Education is collaborating with regulators to harmonise and standardise fee structures nationwide.

Addressing questions about upkeep stipends, he clarified that the current ₦20,000 monthly allowance would not be increased immediately.

Sawyerr added that an ongoing review of cost-of-living indices across different regions could, however, lead to weighted adjustments in the future.

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