By SpringsNewsNG | February 18, 2025

The Nigerian Education Loan Fund (NELFUND) has announced that the 2024/2025 student loan application portal will officially open on Saturday, February 22, 2025, as the 2023/2024 application cycle closes on Friday, February 21.

Transition to a New Application Cycle

Speaking at a news conference in Abuja on Monday, February 17, Akintunde Sawyerr, Managing Director of NELFUND, emphasized the agency’s commitment to efficiency, transparency, and continuous improvement in managing student loan applications.

“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 February 21, 2025. This transition is necessary as we prepare to open the 2024/2025 application cycle on February 22, 2025,” Sawyerr stated.

He assured that all applications submitted before the deadline would be reviewed and processed in accordance with NELFUND’s established guidelines.

364,042 Applications Received in 2023/2024 Cycle

Providing insights into the 2023/2024 application process, Sawyerr revealed that NELFUND received 364,042 applications in 229 days, averaging 1,000 applications per day.

“In just 220 days, we received an impressive 364,042 applications, reflecting the growing demand for financial assistance among students. Over N22 billion has been disbursed to cover institutional fees across 240 institutions, directly benefiting 215,514 students,” he disclosed.

Additionally, N13 billion has been disbursed as monthly upkeep support for 169,114 students, with each beneficiary receiving N20,000 monthly to assist with living expenses.

Preparation for 2024/2025 Applications

Sawyerr encouraged prospective applicants to start gathering necessary documents ahead of the 2024/2025 application cycle. He reassured those who had submitted their applications on time that their applications would be processed fairly and efficiently.

“Our team remains committed to ensuring a fair and timely review of all pending applications. This transition is crucial for streamlining our operations, aligning with the academic calendar, and enhancing our ability to process applications efficiently,” he said.

Delays in Processing Applications Linked to Institutions

Addressing concerns about delays in processing applications, Sawyerr attributed them to delays by beneficiary institutions in verifying student information. This, he explained, affects the timely payment of institutional fees and upkeep allowances.

“Upkeep payments are made only after institutional fees are confirmed, with a gap of one to two weeks between the two payments,” he added.

Commitment to Supporting Students

Sawyerr reiterated NELFUND’s dedication to ensuring that no deserving student is denied education due to financial constraints. He also noted that the agency is updating its student database to ensure that only active students continue receiving support as the transition to the 2024/2025 academic session begins.

“NELFUND remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints,” he emphasized.

With the 2024/2025 student loan portal set to open on February 22, eligible students are advised to prepare their applications early to avoid delays in processing and disbursement.