The Nigerian Education Loan Fund (NELFUND) has announced closure of its 2023/2024 student loan application cycle on 21st February 2025.
This came as the Fund said it was planning to update it’s system.amd students database, in order to ascertain dropouts who still get its stipends.
Managing Director of NELFUND, Akintunde Sawyerr who made the disclosure while addressing newsmen on Monday in Abuja, also revealed that the 2024/2025 application cycle would commence the very next day, 22nd February 2025.
Sawyerr explained that the transition to the 2024/2025 cycle was a demonstration of the organisation’s commitment to efficiency, transparency and continuous improvement of the scheme.
According to him, NELFUND remains committed and dedicated towards providing the financial assistance needed by students to secure a brighter future for themselves, their families and the country in general.
He said: “NELFUND remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints.
“In just 220 days, we have received an impressive 364,042 applications with an average of 1,000 applications per day.
“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.
“We encourage all prospective applicants to begin preparations by gathering the necessary documentation and ensuring they meet the eligibility criteria as outlined on the NELFund portal. Our goal is to create a seamless experience for students applying the Presidency gor educational loans.
“This transition is not just about closing one phase and opening another. It is about ensuring that we optimize our processes for a more effective loan disbursement system.
“By adhering to a structured application cycle, we can evaluate applications more effectively and ensure that funds are distributed equitably and transparently.
“At NELFUND, we remain unwavering in our commitment to transparency, accountability, and fairness. We assure all stakeholders that every application received within the stipulated timeframe will be treated with diligence and impartiality. Our objective is to maintain the integrity of this program while supporting as many students as possible in achieving their educational aspirations.”
Speaking further, the NELFUND boss revealed that,“I am proud to announce that N22,736,960,971.58 has been disbursed to cover institutional fees across 150 institutions, directly benefiting 215,514 students.
“Furthermore, a total of N12,818,960,000 has been disbursed as upkeep support, reaching 169,114 students, each receiving N20,000 monthly to assist with their living expenses,” he said.
Sawyerr reassured those who had successfully submitted their applications before the deadline that their applications would be processed, in line with the fund’s established guidelines.
“Our team remains committed to ensuring a fair and timely review of all pending applications. This transition is a necessary step to streamline our operations, align with the academic calendar and enhance our ability to process applications efficiently,” Sawyerr explained.
Meanwhile, Executive Director of Operations NELFUND, Mustapha Iyal has said the upgrade of its system and database had become necessary to ensure inly students who were still in school access it’s stipends.
“What we’re aiming to do right now is to update our system and part of the update that we’re doing presently is updating the students database.
“This is because without the update, you don’t know who is out of school. So, what we’re doing right now is that we’re dealing with institutions.’’
