The Nigerian Education Loan Fund (NELFUND) has closed its application portal for the 2024/2025 academic session.
Managing Director Akintunde Sawyerr announced the closure on Monday in Abuja, saying it would allow the Fund to complete processing pending applications and sustain upkeep payments.
He revealed that the portal will reopen in the second week of October 2025 for the 2025/2026 cycle and remain open until January 2026.
Sawyerr directed institutions to update students’ records on the Student Verification System, warning that all unverified 2024/2025 applications will be cancelled after October 8. Students affected will have to reapply. Institutions that fail to comply risk being publicly listed.
Upkeep stipends for 2024/2025 will continue until November, but recipients must reapply to qualify for 2025/2026. The ₦20,000 monthly allowance remains unchanged for now, though a review of living costs could trigger future adjustments.
The MD stressed that the scheme remains interest-free, with repayment beginning two years after NYSC, when employers will deduct 10% of beneficiaries’ salaries.
He also criticised arbitrary tuition hikes, noting that a committee set up by the Minister of Education is working to harmonise and standardise fees across institutions.
