Adebayo Obajemu
The Nigerian Education Loan Fund (NELFUND) has announced a major adjustment to its allowance disbursement process for beneficiaries of its student loan scheme, shifting from a 12-month payment arrangement to a per-session model.
According to the Fund, the new structure is designed to improve operational efficiency and ensure timely payments to students in line with their institutions’ academic calendars.
In a statement issued by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, NELFUND explained that varying academic calendars across institutions had made it difficult to maintain a uniform payment schedule under the previous system.
“Aligning upkeep disbursements with each institution’s academic session will ensure payments are made in a timely and relevant manner,” Oluwatuyi said.
She added that the policy would also help eliminate the risk of duplicate payments to the same student within the same academic session, thereby preserving the integrity of the loan scheme.
The Fund noted that the per-session model offers additional benefits for students, parents, and partner institutions. It ensures fairness, transparency, and efficient fund utilisation, while guaranteeing that students receive their stipends when due.
To further strengthen accountability, NELFUND disclosed that its online portal is being upgraded to automatically track upkeep loans collected by each student within their respective academic sessions.
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