The Nigerian Education Loan Fund (NELFUND) has announced that the application portal for the 2024/2025 academic session will officially close on Tuesday. Managing Director, Akintunde Sawyerr, disclosed this at a news conference in Abuja, saying the move would enable the agency to process pending applications and disburse payments.

He revealed that the portal for the 2025/2026 academic cycle will reopen in the second week of October and remain accessible until January 2026. According to him, this timeline is designed to provide clarity for students, parents, and institutions. “NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind,” Sawyerr said.

The NELFUND boss directed higher institutions to update student records on the Student Verification System (SVS), warning that all unverified applications for 2024/2025 would be automatically cancelled after October 8. Students affected would have to reapply under the new session. He added that institutions that failed to comply risk being publicly listed.

Sawyerr also confirmed that upkeep stipends for the 2024/2025 session will continue until November, but beneficiaries must reapply for the next cycle to sustain payments. He restated that the scheme remains interest-free, with repayment scheduled to begin two years after NYSC completion, while employers will be required to deduct 10% of graduates’ salaries.

Addressing concerns over rising tuition fees, he noted that arbitrary hikes by some institutions were under review by a committee set up by the Minister of Education. On monthly upkeep stipends, he said the current ₦20,000 allowance would not be increased immediately, though a cost-of-living review could lead to weighted adjustments in the future.