The Nigerian Education Loan Fund (NELFUND) has announced that the application cycle for the 2024/2025 academic year student loan program will begin on February 22, 2025.
This was disclosed by the Managing Director of NELFUND, Akintunde Sawyerr, at a press conference in Abuja on Monday.
He further confirmed that the application process for the 2023/2024 student loan program will officially close on February 21, 2025.
Sawyerr emphasized that the transition to the new cycle reflects NELFUND’s dedication to ensuring transparency, efficiency, and continuous improvement in student loan administration.
“NELFUND remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints,” he stated.
Application statistics and disbursement details
Providing insights into the program’s reach, Sawyerr revealed that in just 220 days, NELFUND had received a total of 364,042 applications, averaging 1,000 applications per day.
“I am proud to announce that N22,736,960,971.58 has been disbursed to cover institutional fees across 150 institutions, directly benefiting 215,514 students,” he said.
- He further disclosed that an additional N12,818,960,000 had been disbursed as upkeep support, benefiting 169,114 students. Each of these students receives N20,000 monthly to assist with their living expenses.
- Sawyerr reassured applicants who had successfully submitted their applications before the deadline that their requests would be processed according to the fund’s established guidelines.
“Our team remains committed to ensuring a fair and timely review of all pending applications,” he said.
He further explained that the transition to a new cycle is necessary to align with the academic calendar and streamline operational efficiency.
“This transition is a necessary step to streamline our operations, align with the academic calendar and enhance our ability to process applications efficiently,” he added.
What you should know
The Nigerian Education Loan Fund (NELFUND) is currently updating its system and students’ database to identify dropouts who may still be receiving stipends.
According to Mr. Mustapha Iyal, the Executive Director of Operations, this update is necessary to ensure that only eligible students continue to receive financial support. NELFUND is working closely with institutions to verify enrollment statuses, as it is difficult to track dropouts without this system update.
- Additionally, students who attended the 2023-2024 academic session but failed to transition into the 2024-2025 session may not receive the upcoming upkeep stipend.
- The 2024-2025 application cycle will be used to further refine the database, ensuring that only those who meet eligibility criteria continue to benefit from the fund.
