The Nigerian Education Loan Fund (NELFUND) has confirmed that the application portal for the 2024/2025 academic session will officially close on Tuesday, September 30, 2025. Managing Director Akintunde Sawyerr made the announcement during a press briefing in Abuja, stressing the need to conclude processing of pending student loan applications and upkeep stipends.
According to Sawyerr, the portal will reopen in the second week of October 2025 and remain accessible until January 2026. This three-month window is designed to give prospective students ample time to apply for the 2025/2026 session.
He emphasized the agency’s commitment to equitable access, stating: “NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind. These timelines provide clarity for students, parents, and institutions to plan ahead and participate fully in the process.”
The NELFUND chief directed higher institutions to update student records on the Student Verification System (SVS) promptly. He warned that all unverified 2024/2025 applications will be automatically cancelled after October 8, 2025, forcing affected students to reapply under the new academic year.
Sawyerr further cautioned institutions against delays, warning that schools that fail to comply risk being publicly listed for non-compliance. This measure is intended to improve accountability and transparency across universities and polytechnics.
On upkeep stipends, he confirmed that the disbursement of the N20,000 monthly allowance for the 2024/2025 session will continue until November. Students will, however, need to reapply for the 2025/2026 session to maintain access to the stipends.
While the allowance will not be immediately increased, Sawyerr noted that a review of regional cost-of-living indices is underway. Weighted adjustments to upkeep stipends may follow in the future to address inflationary pressures.
Sawyerr reiterated that the NELFUND loan scheme is strictly interest-free, ensuring students are not overburdened by debt. Beneficiaries are required to begin repayment two years after completing the National Youth Service Corps (NYSC), with employers mandated to deduct 10% of salaries until repayment is complete.
The NELFUND boss also voiced concern over arbitrary hikes in tuition and ancillary fees by some schools. He revealed that the Minister of Education has set up a committee working with regulators to harmonise and standardise tuition structures across tertiary institutions.
Since its launch on May 24, 2024, NELFUND has received 839,465 loan applications. Out of these, 581,878 students have benefitted, with N107.6 billion disbursed as of September 26, 2025.
The latest Student Loan Disbursement Daily Status Report shows that N61.3 billion was directed to institutional fees, while N46.3 billion was allocated for upkeep allowances. In total, 231 institutions across Nigeria have so far benefited from the scheme’s financial support.
