The Nigerian Education Loan Fund on Thursday noted that upkeep loan disbursement is now strictly tied to the academic session of each institution.
This was disclosed in a statement signed by NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi.
NELFUND further advised interested loan applicants are required to apply for the loan at the beginning of every academic session to be eligible for both institutional charges and upkeep for that particular session.
“To ensure accuracy and transparency, the NELFUND loan portal is being automated to reflect this adjustment. The portal will henceforth display only the upkeep loans that have been collected by each student within the relevant session.
“Institutions are therefore strongly advised to upload their academic calendars and sessional information in a timely manner to guarantee that their students receive the full upkeep benefits due to them for an entire academic year,” he stated.
In addition to covering institutional fees, the student loan scheme provides beneficiaries with a monthly upkeep allowance of ₦20,000 amounting to ₦240,000 annually
With the new directive, students will only enjoy the monthly N20,000 during academic session while payment will be ceased when students embark on holidays.
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