The Nigerian Education Loan Fund (NELFUND) has released fresh guidelines on the disbursement of student upkeep loans, stating that payments will now be tied strictly to the academic calendar of each institution.
In a statement issued in Abuja, the agency explained that upkeep loans will only be available to students during their current academic session. Once an institution’s academic year ends, upkeep payments for that session will automatically cease. Students advancing to a new academic year will not continue receiving disbursements linked to the previous session.
The new directive also requires students to reapply at the beginning of every academic session in order to qualify for both institutional charges and upkeep loans. This means loan applications will now become a recurring requirement tied to the academic cycle, rather than a one-time process.
NELFUND emphasized that the adjustment is aimed at ensuring proper accountability and aligning loan disbursements with actual academic progression. The agency noted that this will help prevent misuse of funds and guarantee that upkeep support is directed only to active students in valid academic sessions.
The clarification comes amid growing interest in the education loan scheme, which is designed to provide financial relief for Nigerian students in tertiary institutions. While the initiative has been welcomed as a step towards easing the burden of tuition and living costs, the new rules may require students to be more deliberate in planning their finances and applications to avoid interruptions in support.
Observers note that the move could also improve transparency and efficiency in managing the loan fund, though it may pose challenges for students whose institutions experience frequent delays in academic calendars. The success of the new framework, analysts say, will depend largely on how seamlessly institutions and NELFUND coordinate loan access at the start of each academic session.
