By: AbdulRasheed Olokoto

The application portal for the 2024/2025 academic session will officially close on Tuesday, the Nigerian Education Loan Fund (NELFUND) says.

NELFUND Managing Director, Akintunde Sawyerr, stated this at a news conference in Abuja on Monday, noting that the decision was to allow the agency to conclude the processing of pending applications.

Mr Sawyerr announced timelines for the 2025/2026 academic cycle, consistent with its mandate to expand access to higher education through interest-free student loans.

According to the managing director, the loan portal will reopen in the second week of October for fresh applications and remain open until January 2026.

”NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind,” he said.

“These timelines provide clarity for students, parents, and institutions to plan ahead and participate fully in the process,” Mr Sawyerr added.

Mr Sawyerr asked institutions to update their students’ records on the Student Verification System (SVS) to enable applicants to access the scheme.

He stated that all unverified applications for 2024/2025 would be automatically cancelled after October 8, noting that students affected would be required to reapply under the new session.

The managing director warned that institutions that failed to verify students’ records risk being publicly listed for non-compliance.

On upkeep stipends, Mr Sawyerr explained that the payment for the 2024/2025 session would continue until November, adding that students were expected to reapply for the 2025/2026 session to continue receiving payments.

He restated that the scheme remained interest-free, with repayment to begin two years after completion of the National Youth Service Corps (NYSC), and employers are mandated to deduct 10 per cent of beneficiaries’ salaries.

Mr Sawyerr unreservedly expressed concern over arbitrary hikes in tuition and ancillary fees by some institutions, noting that a committee set up by the Minister of Education is working with regulators to harmonise and standardise fee structures across institutions.

Responding to concerns about upkeep stipends, he said the current ₦20,000 monthly allowance would not be increased immediately.

He said an ongoing review of cost-of-living indices across different regions could, however, lead to weighted adjustments in the future.