The Nigerian Education Loan Fund (NELFUND) has announced that upkeep loan disbursement to students will no longer continue during school holidays.
In a statement by its Director of Corporate Communications, Oseyemi Oluwatuyi, the agency explained that upkeep loans are now strictly tied to the academic session of each institution.
“Students shall only be entitled to upkeep loans for their current academic session. Upon the conclusion of an institution’s academic year, upkeep payments for that session shall automatically cease,” Oluwatuyi said.
With this new directive, students on holidays will not receive the N20,000 monthly upkeep allowance, which previously amounted to N240,000 annually. Payments will resume only when a new session begins.
NELFUND added that students interested in benefiting from the scheme must apply at the start of every academic session to qualify for both tuition and upkeep loans.
It also urged institutions to promptly upload their academic calendars and sessional details on its portal to ensure students receive their full entitlements during the active school year.
