Student Loan: NELFUND to End 2023/2024 Application Cycle on February 21
The Nigerian Education Loan Fund (NELFUND) has announced that the student loan application cycle for the 2023/2024 academic year will close on February 21, while applications for the 2024/2025 cycle will begin on February 22.
During a press conference in Abuja yesterday, NELFUND’s Managing Director, Akintunde Sawyerr, stated that the transition to the 2024/2025 cycle reflects the organization’s commitment to efficiency, transparency, and continuous enhancement of the loan program.
He reassured applicants who successfully submitted their requests before the deadline that their applications would be processed according to the fund’s established guidelines.
Sawyerr disclosed that so far, N22,736,960,971.58 has been allocated to cover institutional fees across 150 institutions, directly assisting 215,514 students over 220 days. The fund has also received an impressive 364,042 applications, averaging 1,000 per day.
His words: “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.
“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.
“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.”
