The Nigerian Education Loan Fund (NELFUND) has recently announced adjustments to the terms of its student upkeep loans. This move could significantly impact how students across the country access and manage financial support for their education.
As tertiary institutions resume and living costs continue to rise, these changes come at a critical time.
Stakeholders are worried, wondering what these tweaks could mean for students and how they might shape the future of higher education financing in Nigeria.
Osehyemi Oluwatuyi, the director of strategic communications at NELFUND, recently stated that the Nigerian Education Loan Fund (NELFUND) hereby informs students, institutions and the general public that upkeep loan disbursement is strictly tied to the academic session of each institution.
Oluwatuyi emphasised that in line with this directive, students shall only be entitled to an upkeep loan for their current academic session.
“Upon the conclusion of an institution’s academic session, upkeep payments for that year shall automatically cease.
“Furthermore, interested applicants are required to apply for the loan at the beginning of every academic session to be eligible for both institutional charges and upkeep for that particular session,” the statement reads in part.
Moreover, the agency stated that to ensure accuracy and transparency, the NELFUND loan portal is being automated to reflect this adjustment.
“The portal henceforth will display only the upkeep loans that each student has collected within the relevant session.
Institutions are advised to upload their academic calendars and sessional information on time to guarantee that their students receive the full upkeep benefits due to them for an entire academic session,” NELFUND noted.
With the upkeep loans being tied strictly to students’ academic sessions, it means that students must apply for a loan at the beginning of every educational session to access both institutional charges and upkeep for that year.
Besides, it means that institutions are to upload academic calendars early so students can enjoy full upkeep benefits.
Olusola Kayode, a parent, said the development is a welcome one, provided the various institutions will play their roles accordingly to avoid hindering students from benefiting from the loan as indicated by NELFUND.
“I don’t see any issues with that, provided the various tertiary institutions would play their parts to ensure these students are not deprived of their rights,” she said.
Olabisi Adekunle, a student in one of the public universities, expressed concerns that it amounts to disruption of a system one is already aligned with, as he queried about those who had already applied.
“I don’t know why this sudden change of things; what of those who had already applied? I doubt if the problem is with the upkeep loan receiving structure, rather than the sincerity of the fund managers and the various institutions’ management,” he said.
Recall, there have been complaints about delays in receiving the loans by students and other alleged manipulations by the management of tertiary institutions.
Akintunde Sawyerr, the managing director of the Nigerian Education Loan Fund (NELFUND), reacting to the ugly development, had warned tertiary institutions against any acts of sabotage in the process of application and disbursement of loans to students, insisting that there must be transparency and openness, including prompt disclosure of disbursement information to beneficiary students.
Sawyer told stakeholders that NELFUND would not hesitate to deal with institutions that go contrary to the terms and conditions surrounding the funds paid to it on behalf of students.
He observed that while the fund lacks the statutory power to suspend, remove or expel erring heads of institutions, any traced illegality will be reported and dealt with administratively by the Minister of Education.
He emphasised that the fund would not allow the initiative of President Bola Tinubu towards making education accessible to willing Nigerians to be sabotaged on the altar of selfish interest.
Sawyerr reiterated the agency’s commitment to pay all registration charges that will admit students into classes for lectures, tutorials, and exams, amongst others.
It is now up to students to prepare for the new directives and maximise the benefits of the loan. At the same time, universities’ and other tertiary institutions’ managements are expected to comply with NELFUND’s order to avoid depriving their students of the upkeep loan.
