NELFUND to stop upkeep loans during school holidays
NELFUND to stop upkeep loans during school holidays
On Thursday, the Nigerian Education Loan Fund announced that the distribution of upkeep loans is now specifically linked to the academic calendar of each institution.
This information was shared in a statement by Oseyemi Oluwatuyi, the Director of Corporate Communications at NELFUND.
“According to this new rule, students can only access upkeep loans during their current academic session. Once an academic year ends, payments for upkeep during that period will automatically stop.
“Therefore, students moving into a new academic year will not receive upkeep payments for the previous session,” Oluwatuyi mentioned in the statement.
NELFUND also urged those interested in applying for loans to submit their applications at the start of each academic session to be eligible for both school fees and upkeep for that specific term. In order to ensure clarity and transparency, the loan portal is being updated to accommodate this change. Moving forward, the portal will only show the upkeep loans that each student has received in the relevant academic session.
He added, “Institutions are highly encouraged to promptly upload their academic calendars and session details to ensure that students receive the complete upkeep benefits they are entitled to for the entire academic year.”
In addition to the loans that are given directly to schools, participants in the student loan program receive a monthly payment of N20,000, totaling N240,000 for the year.
With this new regulation, students will only receive the monthly N20,000 during the academic term, and payments will pause during their holiday breaks.
