NELFUND announces closure, fresh opening for student loan applications

The Nigerian Education Loan Fund (NELFUND) has announced the official closure of 2023/2024 student loan portal and opening of the 2024/2025 application portal for students interested in benefitting from the government education loan.

Speaking Monday in Abuja, the MD/CEO of NELFUND, Akintunde Sawyerr, said the 2023/2024 student loan application portal will officially close on February 21, 2025, while the 2024/2025 application cycle will officially commence on February 22, 2025.

He said ₦22,736,960,971 has been disbursed to cover institutional fees across 240 institutions, directly benefiting 215,514 students from 364,042 applications in the last 220 says.

He said NELFUND remains committed to transparency, accountability, and fairness, assuring stakeholders that every application received within the stipulated timeframe will be treated with diligence an impartiality.

He said: “The Nigerian Education Loan Fund (NELFUND) remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints.

“In just 220 days, we have received an impressive 364,042 applications with an average of 1,000 applications per day. I am proud to announce that ₦22,736,960,971 has been disbursed to cover institutional fees across 240 institutions, directly benefiting 215,514 students.

“Furthermore, a total of ₦12,818,960,000 has been disbursed as upkeep support, reaching 169,114 students, each receiving ₦20,000 monthly to assist with their living expenses.

“As part of our commitment to efficiency, transparency, and continuous improvement, we are here today to formally announce the closure of the 2023/2024 application cycle on our student loan portal. This marks a critical transition as we prepare to open the 2024/2025 application cycle.

“The 2023/2024 student loan application portal will officially close on February 21, 2025. We want to reassure all applicants who have successfully submitted their applications before this deadline that their applications will be processed in line with our established guidelines. Our team remains committed to ensuring a fair and timely review of all
pending applications.

“I am pleased to announce that the 2024/2025 application cycle will officially commence on February 22, 2025. This transition is a necessary step to streamline our operations, align with the academic calendar, and enhance our ability to process applications efficiently.

“We encourage all prospective applicants to begin preparations by gathering the necessary documentation and ensuring they meet the eligibility criteria as outlined on the NELFund portal. Our goal is to create a seamless experience for students applying for educational loans.

“This transition is not just about closing one phase and opening another. It is about ensuring that we optimize our processes for a more effective loan disbursement system. By adhering to a structured application cycle, we can evaluate applications more effectively and ensure that funds are distributed equitably and transparently.

“At NELFUND, we remain unwavering in our commitment to transparency, accountability, and fairness. We assure all stakeholders that every application received within the stipulated timeframe will be treated with diligence an impartiality. Our objective is to maintain the integrity of this program while supporting as many students as possible in achieving their educational aspirations.

“To the students and parents relying on this initiative, I want to reaffirm our dedication to providing the financial assistance needed to secure a brighter future for our youth and, ultimately, for Nigeria. We look forward to a smooth transition and a successful 2024/2025 application cycle.”

Also speaking, the Director of Operations, Mustapha Iyal, said allegations of NELFUND favouring a section of the country over the other were unfounded as education institutions are selected regardless of the state of origin of students.

He said the Fund is updating its system to ensure that students who dropped out of school or who are no longer in the system are not paid in the 2024/2025 stipend disbursement.

He said delays in students receiving their monthly stipends are often caused by institutions, lamenting that some institutions take weeks or even months to respond to requests of verifying the identity of supposed students who applied for loans.