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A New Chapter for Student Loans: NELFUND Announces New Guidelines - Omoseye Alebiosu - 08-28-2025 A New Chapter for Student Loans: NELFUND Announces New Guidelines Amidst Renewed Application Drive A New Chapter for Student Loans: NELFUND Announces New Guidelines Amidst Renewed Application Drive is a major headline today, as the Nigerian Education Loan Fund (NELFUND) has introduced a set of new operational guidelines and a firm warning to institutions. The changes, which primarily affect the disbursement of the monthly upkeep loan, are part of the fund's ongoing effort to ensure transparency and accountability in the student loan scheme. For students and academic institutions across Nigeria, the message is clear: the process is being automated and tightened to ensure that funds are managed with precision and fairness. The Upkeep Loan: A Shift to Session-Based Disbursement The most significant update from NELFUND is that the disbursement of its N20,000 monthly upkeep loan will now be strictly tied to the academic session of each institution. In a statement released today, NELFUND's Director of Corporate Communications, Oseyemi Oluwatuyi, clarified that once an academic year ends, the upkeep payments for that session will automatically cease. Students who transition into a new academic year will no longer receive payments for the preceding session. This policy aims to address the issue of universities operating on different academic calendars and is designed to prevent duplicate payments. This adjustment means that students must now apply for the loan at the beginning of each academic session to be eligible for both institutional charges and the monthly upkeep. This move is part of an ongoing automation of the NELFUND portal, which will now display only the upkeep loans collected by each student within the relevant session. NELFUND has also strongly advised tertiary institutions to upload their academic calendars and sessional information in a timely manner to ensure their students receive their full upkeep benefits. You can find the official statement from NELFUND on this new policy on their news page: NELFUND's Upkeep Loan Guidelines. A Firm Warning to Tertiary Institutions In another piece of breaking news, NELFUND has issued a stern warning to tertiary institutions, threatening sanctions against those found guilty of fraudulent practices. The fund's new operational guidelines, which were obtained by The Punch, state that any institution found falsifying student records, colluding with students to access loans fraudulently, or failing to refund overpaid funds will face severe consequences. The guidelines stipulate that institutions must refund any overpayments within 30 calendar days. Failure to do so, or engaging in any form of fraudulent activity, could result in the suspension of future disbursements to the institution. This move is a direct response to past incidents of overpayments and the failure of some institutions to refund duplicate payments. NELFUND has clarified that while an institution may be suspended, this will not affect the existing students already enrolled in the scheme, except in cases of overpayments. This shows a commitment to protecting both the integrity of the scheme and the students who rely on it. A detailed report on the sanctions can be found in this Punch Newspapers article. Application Details and What Students Need to Know For students who are yet to apply or who need to reapply, NELFUND has provided a clear, step-by-step guide on the application process. The fund has stated that a student's application may be rejected for several reasons, including incomplete or unclear documentation, incorrect account details, a mismatch of names across official documents, or if the academic session being applied for has already closed. All reasons for rejection are clearly stated on the applicant's dashboard, and rejected applicants can reapply by choosing a new academic session. The loan itself is divided into two categories: Institutional Charges: Funds for school fees and other institutional charges are paid directly to the university on the student's behalf. Monthly Upkeep: A stipend of N20,000 per month is paid to the student for living expenses. Licensed by Google For a comprehensive guide on the application process and required documents, students can visit the Auchi Polytechnic News Portal, which provides a detailed breakdown. The fund has also clarified that the interest-free loan is designed to be repaid after the completion of the National Youth Service Corps (NYSC) program. Conclusion: A Scheme Focused on Integrity and Accessibility Today's news from NELFUND is a clear indication that the student loan scheme is evolving. The new guidelines and strict sanctions reflect a determined effort to build a program that is both transparent and sustainable. While the changes to upkeep disbursement will require students to be more proactive in their application, they are designed to bring a much-needed layer of efficiency and fairness to the system. As a cornerstone of the Federal Government's vision for accessible education, NELFUND remains committed to its mandate of empowering Nigerian students and fostering a knowledge-driven economy. #NELFUND #StudentLoan #EducationLoan #NigeriaEducation #StudentLife #CampusNews #NigerianStudents #EducationFunding #NELFUNDUpdate #StudentLoansAct