This was disclosed in a statement by NELFUND’s Director of Corporate Communications, Osayemi Oluwatuyi, adding that students who transition into a new academic year will no longer receive upkeep disbursements for the preceding session.

“In line with this directive, students shall only be entitled to upkeep loans for their current academic session. Upon the conclusion of an institution’s academic year, upkeep payments for that session shall automatically cease.

NELFUND further called on interested loan applicants to apply for the loan at the beginning of every academic session to be eligible for both institutional charges and upkeep for that particular session.

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“To ensure accuracy and transparency, the NELFUND loan portal is being automated to reflect this adjustment. The portal will henceforth display only the upkeep loans that have been collected by each student within the relevant session.

It further noted that beneficiaries of the student loan scheme will enjoy monthly disbursement of N20,000 which amounts to N240,000 yearly, apart from institutional loans disbursed directly to institutions,

With the new directive, students will only enjoy the monthly N20,000 during academic session while payment will be ceased when students embark on holidays.

Source: Punch