NELFUND Stops N20,000 Student Upkeep Loan Payments During Holidays

The Nigerian Education Loan Fund (NELFUND) has announced it will no longer disburse the monthly ₦20,000 upkeep loan to students during school holidays.

This was contained in a statement issued on Thursday by the Fund’s Director of Corporate Communications, Oseyemi Oluwatuyi.

According to the statement, the upkeep loan will now only cover the active academic session of each institution. “In line with this directive, students shall only be entitled to upkeep loans for their current academic session. Upon the conclusion of an institution’s academic year, upkeep payments for that session shall automatically cease,” it read.

The agency explained that once students transition into a new academic year, they will be required to reapply for both institutional charges and upkeep allowances. “Interested applicants are required to apply for the loan at the beginning of every academic session to be eligible,” Oluwatuyi stated.

NELFUND added that its portal is being automated to reflect the adjustment, ensuring transparency by displaying only the upkeep loans collected by each student within the relevant session. Institutions were also urged to promptly upload their academic calendars to guarantee timely disbursement of student benefits.

President Bola Ahmed Tinubu signed the Access to Higher Education Act into law in 2023, paving the way for the establishment of NELFUND. The initiative was introduced in 2024 to improve access to higher education by providing loans to students in public tertiary institutions. Under the scheme, NELFUND pays school fees directly to institutions, while students may opt to receive an additional ₦20,000 monthly upkeep allowance.