NELFUND to close 2024/2025 student loan portal on September 30

The Nigerian Education Loan Fund (NELFUND) has confirmed that its application portal for the 2024/2025 academic session will officially close on Tuesday, September 30, 2025.

Recall that the initiative was introduced for students seeking interest-free loans for higher education.

Speaking at a news conference in Abuja on Monday, September 29, NELFUND’s managing director, Akintunde Sawyerr, stated that the closure was necessary to enable the Fund to finalise the processing of pending applications and upkeep payments.

Sawyerr also unveiled the application timeline for the 2025/2026 academic cycle. He said the loan portal would reopen in the second week of October and remain accessible until January 2026, in line with NELFUND’s mission to broaden access to tertiary education through interest-free student loans.

“NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind,” Sawyerr affirmed.

”These timelines provide clarity for students, parents, and institutions to plan and participate fully in the process.”

Institutions urged to verify student records

The managing director directed all institutions to update their students’ records on the Student Verification System, stressing that verified data was essential for applicants to access the scheme.

He warned that any unverified applications for the 2024/2025 session would be automatically cancelled after 8 October, and affected students would need to reapply under the new academic cycle.

Sawyerr cautioned that institutions failing to verify student records risked being publicly listed for non-compliance.

Upkeep stipends and repayment terms clarified

On upkeep stipends, Sawyerr noted that payments for the current academic session would continue until November. He advised students to reapply for the 2025/2026 cycle to maintain their monthly allowances.

Addressing repayment terms, he reiterated that the loan scheme remained interest-free.

Repayment is scheduled to commence two years after the completion of the National Youth Service Corps (NYSC), with employers required to deduct 10 per cent of beneficiaries’ salaries.

NELFUND flags rising tuition fees

Sawyerr expressed concern over arbitrary increases in tuition and ancillary fees by some institutions. He revealed that a committee established by the Minister of Education was collaborating with regulators to harmonise and standardise fee structures nationwide.

Responding to questions about the ₦20,000 monthly upkeep allowance, Sawyerr said there were no immediate plans to increase the amount.

However, he disclosed that an ongoing review of cost-of-living indices across different regions could lead to weighted adjustments in the future.

NELFUND announces student loan application update

NELFUND disclosed plans to deploy IT teams to linked institutions across Nigeria and integrate ‘Student Loan’ directly as a payment option on their portals.

Speaking at a stakeholders’ engagement session and technical workshop on NELFUND System Automation and Loan Application Processes, held on Tuesday in Abuja, the Managing Director of NELFUND, Akintunde Sawyerr, noted that the proposed integration would eliminate several bottlenecks in the student loan application process.