The National Education Loan Fund (NELFund) has announced the closure of its application cycle for the 2023-2024 academic year and is set to launch the 2024-2025 application portal.
Managing director and chief executive officer of NELFUND, Mr. Akintunde Oluwole Sawyerr, announced this while briefing the press in Abuja yesterday.
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He disclosed that the 2023/2024 portal will close on February 21, 2025, and the 2024/2025 cycle will open on February 22, 2025.
Sawyerr also noted that NELFUND has received 364,042 applications in over 220 days, disbursing over ₦35 billion in institutional fees and upkeep support, benefiting more than 380,000 students.
He emphasised the importance of efficiency, transparency, and fair processing of applications.
“In just 220 days, we have received an impressive 364,042 applications with an average of 1,000 applications per day.
“I am proud to announce that ₦22,736,960,971 has been disbursed to cover institutional fees across 240 institutions, directly benefiting 215,514 students. Furthermore, a total of ₦12,818,960,000 has been disbursed as upkeep support, reaching 169,114 students, each receiving ₦20,000 monthly to assist with their living expenses.
“As part of our commitment to efficiency, transparency, and continuous improvement, we are here today to formally announce the closure of the 2023/2024 application cycle on our student loan portal. This marks a critical transition as we prepare to open the 2024/2025 application cycle.
“The 2023/2024 student loan application portal will officially close on February 21, 2025. We want to reassure all applicants who have successfully submitted their applications before this deadline that their applications will be processed in line with our established guidelines. Our team remains committed to ensuring a fair and timely review of all pending applications.
“I am pleased to announce that the 2024/2025 application cycle will officially commence on February 22, 2025. This transition is a necessary step to streamline our operations, align with the academic calendar, and enhance our ability to process applications efficiently,” he added.
The Fund also said it is updating its student database to ensure only active students receive support, with a focus on moving into the 2024-2025 academic session.
Speaking on delays in processing applications, it said they are due to slow responses from institutions verifying student information, which affects the payment of institutional fees and upkeep. It noted that upkeep payments are made only after institutional fees are confirmed, with a gap of a week or two between the two payments.