The application for the 2023/2024 Nelfund student loan cycle has closed on February 21 and the new application cycle for 2024/2025 has opened on February 22, 2025.
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The Nigerian Education Loan Fund (NELFUND) revealed that it has provided over N22 billion in student loans to 215,514 individuals.
The Nelfund Student Loan agency also mentioned that it has allocated N12,818,960,000 in upkeep support to 169,114 students.
During a news conference in Abuja on Monday, NELFUND's Managing Director, Akintunde Sawyerr, shared this information.
Sawyerr indicated that NELFUND processed 364,042 applications within 229 days, yielding an average of 1,000 applications every day.
He stated: “In just 220 days, we have received an impressive 364,042 applications, averaging about 1,000 applications daily. I am delighted to report that N22,736,960,971 has been disbursed to cover institutional fees for 240 institutions, directly impacting 215,514 students. Additionally, a total of N12,818,960,000 has been allocated for upkeep support, benefitting 169,114 students, each receiving N20,000 monthly to assist with living expenses.
“In our commitment to efficiency, transparency, and ongoing enhancement, we are here today to formally announce the closing of the 2023/2024 application cycle on our student loan portal. This transition is vital as we get ready to launch the 2024/2025 application cycle.
“The student loan application portal for the 2023/2024 academic year will officially close on February 21, 2025. We want to assure all applicants who submitted their applications before this deadline that their submissions will be processed according to our established guidelines. Our team is dedicated to ensuring a fair and punctual review of all pending applications.
“I am happy to declare that the 2024/2025 application cycle will officially begin on February 22, 2025. This transition is essential in streamlining our operations, aligning with the academic calendar, and improving our capacity to process applications efficiently.”
The NELFUND managing director emphasized that moving into the 2024/2025 cycle exemplifies the organization’s dedication to efficiency, transparency, and the ongoing enhancement of the program.
He encouraged prospective applicants to begin their preparations by gathering the necessary documents, assuring those who submit their applications on time that their applications will be reviewed in accordance with NELFUND’s established procedures.
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Sawyerr confirmed that those who manage to submit their applications before the deadline will have their submissions processed in line with the fund’s established guidelines.
He stated: “Our team is committed to ensuring a fair and timely review of all pending applications.
“This transition is an essential step in streamlining our operations, aligning with the academic calendar, and improving our ability to process applications effectively.
“NELFUND is committed to offering financial assistance to students, ensuring that no eligible individual is denied educational opportunities due to financial limitations.”
Sawyerr mentioned that the agency is updating its student database to guarantee that only active students receive support, especially as they transition into the 2024-2025 academic session.
He attributed any delays in processing applications to the institutions that need to verify students’ information, explaining that this delay impacts the disbursement of both institutional fees and upkeep support.
He pointed out that upkeep payments are issued only after confirming the institutional fees, which creates a gap of one or two weeks between these payments.