The Nigerian Education Loan Fund (NELFUND) has announced the closure of its loan application portal for the 2024/2025 academic session, effective Tuesday, September 30.
The development was confirmed in an update posted on the agency’s official X (formerly Twitter) handle and in a statement issued by the Managing Director of NELFUND, Mr. Akintunde Sawyerr, on Monday in Abuja.
According to the agency, the closure is to enable the completion of processing for existing applications and the continuation of upkeep stipend payments.
NELFUND also released new timelines for the 2025/2026 academic cycle, announcing that the loan portal will reopen in the second week of October 2025 and remain open until January 2026.
“NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind. These timelines provide clarity for students, parents, and institutions to plan and participate fully in the process,” the agency stated.
Sawyerr directed higher institutions to urgently update their students’ information on the Student Verification System (SVS) to facilitate seamless processing of loan applications.
He warned that all unverified applications for the 2024/2025 session will be automatically cancelled after October 8, and affected students will be required to reapply under the new academic cycle.
Regarding upkeep stipends, NELFUND clarified that monthly payments of ₦20,000 for the current session will continue until November 2025. However, students who wish to continue receiving support must reapply for the 2025/2026 academic year.
The NELFUND boss also cautioned that institutions failing to comply with student data verification requirements may be publicly listed for non-compliance.
On repayment terms, Sawyerr reiterated that the student loan remains interest-free, with repayment scheduled to begin two years after completion of the National Youth Service Corps (NYSC). Employers will be legally required to deduct 10% of beneficiaries’ salaries as repayment.
The education loan scheme, launched to improve access to higher education in Nigeria, aims to support indigent students through tuition and maintenance allowances.
