NELFUND is updating its database to remove dropouts from its student loan program, ensuring only active students receive financial support while preparing to launch the 2024/2025 application cycle.
The Nigerian Education Loan Fund (NELFUND) has announced plans to remove students who have dropped out from its list of beneficiaries, ensuring that only active students continue receiving financial support.
Speaking at a press conference in Abuja, NELFUND’s Executive Director of Operations, Mustapha Iyal, stated that the agency is updating its student database in collaboration with institutions to identify those no longer in school. He emphasized that some beneficiaries who received stipends in the 2023/2024 academic session will not be eligible in the 2024/2025 cycle.
Managing Director Akintunde Sawyerr disclosed that NELFUND has disbursed over N22 billion to 215,514 students across 240 institutions, with an additional N12.8 billion provided as upkeep support to 169,114 students, each receiving N20,000 monthly.
The 2023/2024 student loan application portal will close on February 21, 2025, while applications for the 2024/2025 cycle will open on February 22, 2025. Sawyerr reassured applicants that all submissions before the deadline would be processed fairly and efficiently.
He also addressed delays in processing applications, attributing them to institutions verifying students’ information, which affects the timing of both institutional fee payments and upkeep stipends. He noted that upkeep payments are only made after institutional fees are confirmed, typically within one to two weeks.
NELFUND reaffirmed its commitment to transparency, efficiency, and ensuring that no deserving student is denied education due to financial constraints.
READ ALSO: FG Disburses N12bn Student Loans to Beneficiaries — NELFUND
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