The Nigerian Education Loan Fund (NELFUND) has announced that it will no longer disburse monthly upkeep loans to students during school holidays.
Currently, student loan beneficiaries receive ₦20,000 monthly in addition to institutional charges paid directly to their schools.
But in a new directive issued Thursday, NELFUND said upkeep payments will now be strictly aligned with the academic calendars of institutions.
According to a statement signed by NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi, students will only be entitled to upkeep loans for the duration of their active academic session.
“Upon the conclusion of an institution’s academic year, upkeep payments for that session shall automatically cease. Consequently, students moving into a new academic year will not receive upkeep disbursements for the previous session,” the statement read.
NELFUND advised students to reapply for loans at the start of each academic year to access both institutional charges and upkeep payments for that session.
To ensure transparency, the student loan portal is being automated to display only the upkeep loans collected within the relevant session.
Institutions have also been urged to upload academic calendars promptly to guarantee their students receive full benefits.
As of August 21, 2025, the scheme has disbursed over ₦86 billion to 449,039 student beneficiaries nationwide.
