On Thursday, the Nigerian Education Loan Fund announced that maintenance loan payments are now closely linked to each institution’s academic year.
Oseyemi Oluwatuyi, the NELFUND‘s Director of Corporate Communications, signed a statement announcing this.
Students will only be eligible for maintenance loans for the current academic year in accordance with this guideline. Upkeep fees for that session will automatically stop at the end of an institution’s academic year.
Oluwatuyi added in the statement, “As a result, students who transfer to a new school year will no longer receive upkeep disbursements for the preceding session.”
In order to be eligible for both institutional charges and upkeep for that specific session, NELFUND further instructed potential loan candidates that they must apply for the loan at the start of each academic session.
The NELFUND loan site is being automated to reflect this change in order to guarantee accuracy and openness. From now on, the portal will only show the maintenance loans that each student has recouped during the applicable session.
“In order to ensure that their students receive the full upkeep benefits owed to them for an entire academic year, institutions are therefore strongly advised to upload their academic calendars and sessional information in a timely manner,” he said.
Participants in the student loan program receive N20,000 per month, or N240,000 annually, in addition to institutional loans that are paid out directly to institutions.
Under the new rule, students will only receive their N20,000 per month during the school year; payments would stop when they take vacations.
