The Nigerian Education Loan Fund (NELFUND) has announced the closure of its 2024/2025 student loan application portal, effective Tuesday.
Managing Director, Akintunde Sawyerr, said the closure would allow the agency to complete processing of pending applications and ongoing upkeep payments.
He added that the portal will reopen in the second week of October for the 2025/2026 academic session and remain open until January 2026.
Sawyerr urged tertiary institutions to update student records on the Student Verification System, warning that unverified applications will be cancelled after October 8. Students affected will need to reapply under the new session, while non-compliant institutions risk being publicly listed.
Upkeep payments for the 2024/2025 session will continue until November, after which students must reapply to receive further support. Repayment remains interest-free and will begin two years after NYSC, with employers mandated to deduct 10% of beneficiaries’ salaries.
Sawyerr also cautioned institutions against arbitrary tuition hikes, revealing that a committee is working to standardise fees nationwide. Although the current ₦20,000 monthly stipend will not be increased immediately, a cost-of-living review may prompt future adjustments.
