Nelfund Links Student Maintenance Loan to Academic Calendar

Nigerian education loan funds (Nelfund) have announced that the disbursement of maintenance loans to students will be in line with the academic calendar of the tertiary institution.

This was revealed in a statement issued on Thursday by the Director of Corporate Communication Nelfund, Oseyemi Oluwatuyi.

According to the statement, students will only be entitled to maintenance loans for their active academic sessions. Payment will automatically stop once the academic year of the institution ends, and the disbursement will not extend to the next session. Students who advance to the new academic year will be asked to submit a request to access the support of tuition fees and maintenance allowances.

“To ensure the accuracy and transparency, the Nelfund loan portal is being automated to reflect this adjustment. The next portal will display only maintenance loans accessed by each student in a relevant session,” the agency said.

Further funds direct the institution to upload the academic calendar and information of their sessions immediately, noting that delays can affect student access to their full maintenance benefits.

At present, the beneficiaries of this scheme receive a payment of tuition fees made directly to institutions with a monthly maintenance allowance of ₦ 20,000, amounting to ₦ 240,000 per year. However, under the revised policy, monthly allowances will only be paid during the active academic session, with a suspended disbursement during the holidays.