The Nigerian Education Loan Fund (NELFUND), a lauded initiative of the federal government, has announced that upkeep loans will no longer be available during school holidays.
NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi, confirmed this in a statement released on Thursday. He said upkeep loans will now be strictly tied to each tertiary institution’s academic session.
“Students will only receive upkeep during the current academic session,” Oluwatuyi explained. “Once the session ends, payments will stop immediately.”
This means Nigerian tertiary institution students moving into a new session cannot continue receiving upkeep loans from the previous one. Beneficiaries will only enjoy disbursements during active academic sessions.
At present, students under Nigerian education loan fund scheme get N20,000 monthly, which totals N240,000 yearly. But with the new directive, upkeep loans will no longer be paid when schools close for holidays.
NELFUND urged students to apply for loans at the beginning of each academic year. Only then can they qualify for both tuition and upkeep.
To improve accountability, NELFUND is also upgrading its loan portal. The platform will now display the exact upkeep loans each student collects within their session.
Oluwatuyi encouraged Nigerian tertiary institutions to upload academic calendars promptly. He said timely updates will ensure students receive their full upkeep without disruption or timeframe confusions.
The student loan program was designed to reduce the financial burden on Nigerian students. It has helped thousands meet both tuition and living expenses. However, the new restriction on upkeep may push students to seek financial support during holidays.
Analysts believe the policy is intended to reduce and subsequently eradicate the misuse of funds and align upkeep loans with academic timelines. Still, many students may struggle with expenses outside the school year.
With this directive, NELFUND reinforces its continued commitment to transparency while ensuring upkeep allowances serve their intended purpose.
