The Nigerian Education Loan Fund (NELFUND) has rolled out fresh guidelines on student loan disbursement, linking upkeep payments strictly to the academic calendar of each institution.
In a statement issued on Thursday by the Fund’s Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND explained that students will now only access upkeep loans for their current academic session, with disbursements automatically ceasing at the end of each school year.
“Interested loan applicants are required to apply at the beginning of every academic session to qualify for both institutional charges and upkeep for that particular session,” Oluwatuyi stated.
As part of the reforms, NELFUND disclosed that its loan portal is being automated to reflect the new arrangement. The automation is expected to promote accuracy, transparency, and accountability, ensuring funds are disbursed in line with institutions’ timelines and reducing leakages or mismanagement.
The move is seen as part of a wider effort to streamline Nigeria’s student loan scheme, which was launched in 2024 to expand access to tertiary education for millions of young Nigerians.
Education analysts say the update reflects government’s attempt to strike a balance between supporting students and ensuring financial discipline in the loan program. While the new rules may demand more proactive planning by students, observers believe they will also reduce irregularities and make the scheme more sustainable.
Student groups, however, are expected to closely monitor how the policy affects accessibility, especially for learners in institutions with irregular academic calendars.
For Nigeria, the bigger question remains whether the loan scheme can keep pace with rising demand in the education sector. Beyond loans, stakeholders argue that the government must tackle the high cost of tuition, poor infrastructure, and limited employment opportunities for graduates if the scheme is to achieve its full impact.
The new guidelines may mark a step toward efficiency, but ensuring that no student is left behind will require consistent investment, clear communication, and stronger partnerships between government, institutions, and student unions.
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