The Nigerian Education Loan Fund (NELFUND) has announced a major shift in its student loan disbursement structure, moving from a standardized 12-month payment schedule to a more flexible, per-academic-session model.
The new system is designed to address the longstanding challenge of aligning loan disbursements with Nigeria’s diverse higher education calendars, which often vary by institution.
According to NELFUND’s Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, the change will ensure that upkeep stipends are released “in a timely and relevant manner” to match students’ academic timelines.
“This new approach guarantees that students receive their stipends when they need them most,” Oluwatuyi said, adding that the reform is expected to enhance efficiency and fairness in loan management.
Key upgrades under the enhanced system include the introduction of sophisticated verification protocols to eliminate duplicate payments, synchronization of disbursements with individual institutional calendars to prevent delays, and improvements to NELFUND’s digital portal to automatically track and manage session-based payments.
The reform also emphasizes financial accountability by ensuring that funds are “utilized effectively by recipients” while maintaining “the integrity of the payment system,” NELFUND stated.
With these changes, NELFUND aims to improve the student loan experience and provide more reliable financial support to thousands of students across Nigeria’s tertiary institutions.
