The Nigerian Education Loan Fund (NELFUND) has reiterated its commitment to maintaining a transparent and efficient process for managing the student loan scheme.
“We are dedicated to ensuring that our operations are guided by the principles of fairness, accountability, and transparency. Our goal is to provide students with the financial support they need to succeed, while also promoting the integrity and sustainability of the loan scheme,” Oseyemi Oluwatuyi, director, strategic communications, NELFUND, said in a statement over the weekend, following the transition to per-session payment.
The FUND is currently transitioning from a 12-month payment structure to a per-session payment approach for upkeep allowances to the benefit of beneficiaries of the student loan scheme. “At NELFUND, we believe that this new policy will translate to positive impact on the student loan scheme, and we are confident that it will benefit our students and partner institutions.”
She stated that NELFUND is looking forward to continuing collaboration with its stakeholders to ensure the long-term success and sustainability of the student loan scheme. According to her, the NELFUND portal is being updated to automatically reflect only the upkeep loan that has been collected by each student within the relevant session, as part of its drive to ensure accuracy and transparency of the scheme.
Oluwatuyi stated that the change from a 12-month payment structure to a per-session is driven by two primary considerations: Firstly, Nigeria’s tertiary institutions operate under different academic calendars, making it challenging to implement a uniform payment schedule.
She noted that by aligning upkeep disbursements with each institution’s academic session, it would ensure payments are made to beneficiaries in a timely and relevant manner. “Secondly, the new policy aims to eliminate the risk of duplicate upkeep payments to the same student within the same institution and academic session.”
According to Oluwatuyi, the per-session payment approach for upkeep allowances will bring several benefits to students, parents, and tertiary institutions in many ways. “By aligning payments with academic sessions, students will receive their upkeep allowances in a timely manner, enabling them to focus on their studies without financial distractions.”
