The Nigerian Education Loan Fund announced that its application portal for the 2024/2025 academic session will close on Tuesday. The agency’s social‑media update explained that the closure is intended to finalize the processing of pending applications and upkeep payments.
The fund also released the timeline for the 2025/2026 academic cycle, which aims to broaden access to higher education through interest‑free student loans. The portal will reopen in the second week of October for new applications and will remain open until January 2026.
Managing Director Akintunde Sawyerr confirmed the development in Abuja, stressing that institutions must update their students’ records on the Student Verification System to enable applicants to access the scheme. He directed that all unverified applications for the 2024/2025 session will be automatically cancelled after October 8, requiring affected students to reapply under the new session. Institutions that fail to verify records risk being publicly listed for non‑compliance.
Regarding upkeep stipends, Sawyerr said payments for the 2024/2025 session will continue until November, after which students must reapply for the 2025/2026 session to keep receiving the allowance. The current monthly amount of ₦20,000 will not be increased immediately. He reiterated that the loan scheme remains interest‑free, with repayment beginning two years after completion of the National Youth Service Corps. Employers will be required to deduct 10 percent of beneficiaries’ salaries for loan repayment.
The Nigerian Education Loan Fund’s initiative seeks to provide financial support to students, promote access to higher education, and foster academic excellence. With the portal’s closure and the new timelines in place, the fund is positioned to continue bridging the financial gap for deserving students.
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