The Nigerian Education Loan Fund (NELFUND) has given out over N22 billion in student loans to 215,514 students. The agency also provided N12.8 billion as upkeep support to 169,114 students, with each receiving N20,000 per month to help with living expenses.
Speaking at a press conference in Abuja, NELFUND Managing Director, Akintunde Sawyerr, announced that the application process for the 2023/2024 student loan will close on February 21, 2025, while applications for the 2024/2025 session will start on February 22, 2025.
Sawyerr revealed that in just 220 days, NELFUND received 364,042 applications, averaging 1,000 applications per day. He assured that all applications submitted before the deadline will be processed fairly and on time.
He encouraged new applicants to start gathering the required documents for the upcoming application cycle. The agency is also updating its student database to ensure that only active students receive financial aid.
Sawyerr explained that delays in loan disbursement happen because universities and colleges must first verify student details before payments can be made. He added that upkeep payments are made one to two weeks after school fees are paid.
He emphasized that NELFUND is committed to helping students and ensuring that no one misses out on education due to lack of funds.
