6 days ago
40
Nigerian Education Loan Fund (NELFUND) says it will close the 2023/2024 student loan application cycle on Feb. 21.
Its Managing Director, Akintunde Sawyerr, who disclosed this at a news conference in Abuja, said the 2024/2025 application cycle would commence on February 22.
He said that the transition to the 2024/2025 cycle was a demonstration of the organisation’s commitment to efficiency, transparency and continuous improvement of the scheme.
“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 N22,736,960,971.58 has been disbursed to cover institutional fees across 150 institutions, directly benefiting 215,514 students.
“Furthermore, a total of N12,818,960,000 has been disbursed as upkeep support, reaching 169,114 students, each receiving N20,000 monthly to assist with their living expenses.”
Sawyerr reassured those who had successfully submitted their applications before the deadline that their applications would be processed, in line with the fund’s established guidelines.
“Our team remains committed to ensuring a fair and timely review of all pending applications.
“This transition is a necessary step to streamline our operations, align with the academic calendar and enhance our ability to process applications efficiently,” he said.
Meanwhile, NELFUND has said it was planning to update its system and students’ database to ascertain dropouts who still get its stipends
Its Executive Director of Operations, Mr Mustapha Iyal, said this at a news conference in Abuja on Monday.
“What we’re aiming to do right now is to update our system. And part of the update that we’re doing presently is updating the students’ database.
“This is because without the update, you don’t know who is out of school. So, what we’re doing right now is that we’re dealing with institutions.’’
The NELFUND director said that the fund had a lot of data from relevant institutions, and a lot of their applicants kept coming up.
He added that the 2024-2025 application cycle would provide an opportunity to update its database.
He said that a lot of applicants may not get the next upkeep because they only attend the 2023-2024 session but they were unable to move into 2024-2025.
English (US) ·