NELFUND to stop giving N20k upkeep loans to students during school holidays

The Nigerian Education Loan Fund (NELFUND) has announced a plan to stop the N20,000 upkeep loan disbursement during school holidays.

NELFUND made this known in a statement issued on Thursday by its Director of Corporate Communications, Oseyemi Oluwatuyi.

The statement said, “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.

Consequently, students who transition into a new academic year will no longer receive upkeep disbursements for the preceding session.”

NELFUND further advised that interested loan applicants are required 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.

“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.

“Institutions are therefore strongly advised to upload their academic calendars and sessional information in a timely manner to guarantee that their students receive the full upkeep benefits due to them for an entire academic year,” he stated.

President Bola Ahmed Tinubu assented to the Access to Higher Education Act, which institutionalised the provision of loans to Nigerian students in public tertiary institutions.

The loan is introduced as part of the government’s strategy to improve access to higher education.

In 2024, the Nigerian government, through NELFUND, began the implementation of the law, providing student loans to Nigerian students. For successful student applicants, the Fund pays the school fees directly to the institutions and N20,000 monthly upkeep to the students.

The upkeep is optional, and students can choose whether or not to receive it.