The Nigerian Education Loan Fund (NELFUND) has officially announced that the student loan application portal for the 2024/2025 academic session will open on Saturday, February 22, 2025. This announcement follows the closure of the 2023/2024 application cycle, which will conclude on Friday, February 21, 2025.
Akintunde Sawyerr, the Managing Director of NELFUND, disclosed this development on Monday, February 17, during a press conference in Abuja. He highlighted the agency’s commitment to efficiency, transparency, and continuous improvement in the student loan application process.
Closure of 2023/2024 Application Cycle
“As part of our commitment to efficiency, transparency, and continuous improvement, we are here today to formally announce the closure of the 2023/2024 application cycle on our student loan portal. This marks a critical transition as we prepare to open the 2024/2025 application cycle,” Sawyerr stated.
He assured that all applicants who successfully submitted their applications before the February 21 deadline would have their submissions processed according to the established guidelines. He further emphasized NELFUND’s dedication to ensuring a fair and timely review of all pending applications.
Opening of the 2024/2025 Application Cycle
Sawyerr confirmed that the 2024/2025 application cycle would officially commence on February 22, 2025. He explained that the transition was essential to streamline operations, align with the academic calendar, and enhance the efficiency of processing applications.
Loan Disbursement Statistics
Providing insights into the impact of the student loan scheme, Sawyerr revealed that NELFUND received a total of 364,042 applications over 229 days, averaging approximately 1,000 applications per day. He also disclosed that more than N22 billion had been disbursed to cover institutional fees across 240 institutions, directly benefiting 215,514 students.
Additionally, he stated that NELFUND had provided over N13 billion in upkeep support to 169,114 students, each receiving N20,000 monthly to assist with living expenses.
Commitment to Efficiency and Transparency
Sawyerr reiterated that the transition to the 2024/2025 cycle underscores NELFUND’s dedication to maintaining an efficient, transparent, and continuously improving loan scheme. He encouraged prospective applicants to begin gathering the necessary documents in preparation for the application window. He also assured all eligible students who submitted their applications on time that their submissions would be reviewed in line with the agency’s standard procedures.
With the upcoming application cycle, NELFUND remains steadfast in its mission to provide financial assistance to Nigerian students, ensuring equitable access to quality education.