The Nigerian Education Loan Fund (NELFUND) said the application portal for the 2024/2025 academic session will officially close on Tuesday.
An update by the agency on X said the move was to conclude processing of pending applications and upkeep payments.
It also announced timelines for the 2025/2026 academic cycle to expand access to higher education through interest-free student loans.
The loan portal will reopen in the second week of October for fresh applications and remain open until January 2026.
”NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind.
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“These timelines provide clarity for students, parents, and institutions to plan and participate fully in the process.”
The development was also confirmed by the Managing Director of NELFUND, Akintunde Sawyerr, on Monday in Abuja.
He directed institutions to update their students’ records on the Student Verification System to enable applicants to access the scheme.
Sawyerr added that all unverified applications for 2024/2025 would be automatically cancelled after Oct. 8, noting that students affected would be required to reapply under the new session.
He warned that institutions that failed to verify students’ records risk being publicly listed for non-compliance.
On upkeep stipends, Sawyerr explained that the payment for the 2024/2025 session would continue until November, adding that students were expected to reapply for 2025/2026 to continue receiving payments.
Responding to concerns about upkeep stipends, he said the current ₦20,000 monthly allowance would not be increased immediately.
On repayment terms, Sawyerr reiterated that the scheme remained interest-free while repayment would begin two years after completion of the National Youth Service Corps, with employers mandated to deduct 10 per cent of beneficiaries’ salaries.