The Nigerian Education Loan Fund (NELFUND) has introduced a new disbursement structure for its student loan scheme, moving from a 12-month payment cycle to a per-academic-session model. The change is part of the Fund’s efforts to improve operational efficiency and ensure timely support for student beneficiaries.
In a statement issued on Friday by the Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, NELFUND cited two main reasons for the adjustment.
The first reason is the variation in academic calendars across Nigeria’s tertiary institutions, which makes a uniform disbursement schedule difficult to maintain. By aligning stipend payments with each institution’s academic session, NELFUND aims to ensure students receive financial support when it is most relevant.
Secondly, the new policy is intended to reduce the possibility of duplicate stipend payments to the same student within a single academic session. This step is expected to help the Fund maintain the integrity of its payment process and improve the effective use of funds.
NELFUND added that the revised structure will offer added benefits to students, parents, and partner institutions. The per-session model will be implemented in a transparent and fair manner, ensuring that students can focus on their studies without financial distractions.
To support the new structure, the NELFUND portal is being upgraded to automatically track the upkeep loan received by each student within a specific academic session. This is intended to improve accuracy and accountability across the system.
The Fund reaffirmed its commitment to managing the student loan scheme with fairness, accountability, and transparency. It emphasized that the new model is expected to positively impact the scheme while ensuring its long-term sustainability through continued stakeholder cooperation.
