Student Loan Program Pauses Renewals & Links Funding to School Schedules

Nigerian students hoping to continue receiving support from the Nigerian Education Loan Fund (NELFUND) may face a temporary pause. The fund has announced it will temporarily stop approving requests to roll over existing loans and won’t be providing upkeep allowances until the academic calendar is more clearly defined.

Essentially, NELFUND wants to ensure loan money is being used during active school terms. Previously, students could request to continue receiving funds even during long breaks. Now, disbursements will be tied directly to when students are actually in classes.

According to a statement released this week, this change is meant to improve the efficiency and accountability of the loan program. NELFUND officials explained they want to make sure funds are available when students need them most – while they are actively studying.

“We are working to align the loan disbursement schedule with the academic timelines of universities and other higher education institutions,” a NELFUND spokesperson said. “This will help us better manage resources and ensure students receive support when they are engaged in their studies.”

The move affects both existing borrowers and those hoping to apply for loans in the future. Students are encouraged to check with NELFUND for updated information on disbursement dates as the new academic year progresses.

This adjustment comes as NELFUND continues to navigate the challenges of implementing a new student loan system in Nigeria, aiming to make higher education more accessible to qualified Nigerians. The fund is working with educational institutions to establish a standardized academic calendar to facilitate smoother loan distribution in the future.