NELFUND Disburses Over N22 Billion in Student Loans: Everything You Need to Know
Nigerian Education Loan Fund (NELFUND) has played a crucial role in providing financial assistance to students nationwide. Recently, NELFUND announced that over N22 billion had been disbursed under its student loan program, benefiting more than 215,514 students. Access to education is essential, yet financial challenges often prevent many students from pursuing higher learning.
Additionally, N12.8 billion has been allocated as upkeep support for 169,114 students, ensuring they have the necessary financial backing to sustain themselves throughout their academic journey. With the 2023/2024 application cycle closing on February 21, 2025, and the 2024/2025 cycle set to begin on February 22, 2025, this article provides a comprehensive guide on the student loan program, application process, challenges, and next steps.
NELFUND’s Impact: Key Statistics
Managing Director of NELFUND, Akintunde Sawyerr, provided an update at a press conference in Abuja. Over a period of 229 days, the agency received 364,042 applications, averaging 1,000 applications per day. This demand highlights the increasing need for student financial aid in Nigeria.
Key Figures from NELFUND’s Disbursement
- N22,736,960,971 allocated for institutional fees across 240 institutions, benefiting 215,514 students.
- N12,818,960,000 disbursed for student upkeep, covering 169,114 students at N20,000 per month.
- A database update is in progress to ensure only active students continue receiving support.
The Transition to the 2024/2025 Application Cycle
Those who have successfully applied will have their requests processed based on the fund’s standard review guidelines. With the 2024/2025 cycle commencing on February 22, 2025, prospective applicants should begin gathering the necessary documents to ensure a seamless application process. Sawyerr emphasized that this transition is essential for improving operational efficiency, aligning with the academic calendar, and enhancing the speed of application processing.
Why NELFUND’s Student Loan Program Matters
The NELFUND student loan initiative provides financial relief to students facing economic difficulties, ensuring that no deserving individual is denied higher education. By covering institutional fees and offering monthly upkeep allowances, the program reduces financial burdens, allowing students to focus on their studies.
Key Benefits of the NELFUND Student Loan
- Tuition fees are fully covered for eligible students.
- A monthly stipend of N20,000 helps cover basic living expenses.
- The program prioritizes transparency, ensuring equal access to funds.
- Financial support reduces dropout rates caused by economic hardships.
Challenges and Delays in Loan Disbursement
Although NELFUND has made significant progress, some students have experienced delays in receiving funds. According to Sawyerr, the verification process by benefitting institutions has been a primary cause of these setbacks. Universities and colleges must confirm student information before the release of funds, which sometimes extends waiting periods.
Additionally, upkeep payments are only processed after institutional fees are confirmed, with a delay of one to two weeks between both disbursements. Improved coordination between NELFUND and educational institutions is essential to ensuring students receive timely financial support.
How to Apply for the NELFUND Student Loan
For those looking to apply for the 2024/2025 NELFUND student loan, the following steps outline the process:
- Visit the Official NELFUND Portal
- Access the NELFUND website once applications open on February 22, 2025.
- Create an Account
- Register using a JAMB registration number, email, and phone number.
- Provide Personal and Academic Information
- Fill in the required details, including institution information and academic program.
- Upload Required Documents
- Submit a student ID card, admission letter, and other verification details.
- Submit the Application
- Review the information carefully before finalizing submission.
- Application Review & Approval
- NELFUND will process applications and notify approved candidates.
Also read: Brain food: healthy eating habits for academic success in Nigeria
Frequently Asked Questions (FAQs)
Who is eligible for the NELFUND student loan?
Any Nigerian student enrolled in a recognized tertiary institution and facing financial hardship may apply.
How much can be received from the student loan?
Students receive full institutional fee coverage and a N20,000 monthly upkeep allowance.
When will the 2024/2025 loan application begin?
The next application cycle starts on February 22, 2025.
Can students with outstanding loans reapply?
No, applicants with existing loans must clear previous obligations before applying again.
What happens if an institution delays verification?
Loan disbursement depends on institutional verification. Students should contact their school’s financial aid office for updates.
Is there a deadline for submitting applications?
Yes, applications for the 2023/2024 cycle close on February 21, 2025.
How can an applicant check the loan application status?
The status can be tracked by logging into the NELFUND portal.
Can part-time students apply for the loan?
Currently, the loan is only available for full-time students.
What documents are needed for the application?
Applicants must provide a student ID card, admission letter, and verification details.
The Future of NELFUND Student Loans
NELFUND remains committed to expanding its reach and improving student loan processing efficiency. With ongoing database updates, the agency aims to ensure that only active students receive financial aid, preventing misuse of funds.
By streamlining verification processes and increasing transparency, NELFUND student loan program hopes to make financial assistance faster and more effective.
Final Thoughts
Education remains a critical tool for national development, and financial constraints should not prevent students from achieving their academic goals. The NELFUND student loan program is a valuable resource that enables thousands of students to complete their education without financial hardship.
Taking advantage of this financial aid program allows students to focus on their studies and work toward a brighter future.
