The Nigerian Education Loan Fund (NELFUND) has introduced a new payment structure for beneficiaries of its student loan scheme, replacing the previous 12-month allowance plan with a per-session disbursement model.
The Fund said the change is intended to improve operational efficiency and better align with the realities of academic institutions. In a statement signed by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, NELFUND explained that inconsistencies in school calendars made a uniform payment system difficult to implement.
“Linking upkeep disbursements to each school’s academic session guarantees that students receive their stipends at the appropriate time,” Oluwatuyi said.
She added that the revised policy will also prevent multiple payments to the same student within a single session, a move aimed at safeguarding the integrity of the loan programme.
According to NELFUND, the per-session arrangement will ensure fairness, transparency, and effective use of funds while making it easier for students and institutions to manage their schedules.
The Fund also revealed that its digital portal is being upgraded to automatically capture and reflect all upkeep payments tied to each student’s academic session, reinforcing accountability and accuracy in the process.
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