The Nigerian Education Loan Fund has announced the closure of its application portal for the 2024/2025 academic session, effective Tuesday. According to an update on the agency’s social media platform, the move is aimed at concluding the processing of pending applications and upkeep payments. The loan fund also unveiled timelines for the 2025/2026 academic cycle, designed to expand access to higher education through interest-free student loans.

The application portal is slated to reopen in the second week of October for fresh applications and will remain open until January 2026. This development is in line with the Nigerian Education Loan Fund’s commitment to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind. The managing director of NELFUND, Akintunde Sawyerr, confirmed the development in Abuja, emphasizing the importance of institutions updating their students’ records on the Student Verification System to enable applicants to access the scheme.

Sawyerr directed that all unverified applications for the 2024/2025 session would be automatically cancelled after October 8, requiring affected students to reapply under the new session. He also warned that institutions that fail to verify students’ records risk being publicly listed for non-compliance. Regarding upkeep stipends, Sawyerr explained that payments for the 2024/2025 session would continue until November, with students expected to reapply for the 2025/2026 session to continue receiving payments.

The current monthly allowance of ₦20,000 will not be increased immediately, according to Sawyerr. He reiterated that the loan scheme remains interest-free, with repayment commencing two years after completion of the National Youth Service Corps. Employers will be mandated to deduct 10 percent of beneficiaries’ salaries towards loan repayment. The Nigerian Education Loan Fund’s initiative aims to provide financial support to students, promoting access to higher education and fostering academic excellence. With the closure of the application portal and the unveiling of new timelines, the fund is poised to continue its mission of bridging the financial gap for deserving students.