NELFUND TO SUSPEND UPKEEP LOANS DURING SCHOOL HOLIDAYS
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BY OWOLABI OLUWADARA
The Nigerian Education Loan Fund (NELFUND) announced on Thursday that the distribution of maintenance loans is now exclusively linked to the academic calendar of each institution.
This information was conveyed in a statement signed by its Director of Corporate Communications, Oseyemi Oluwatuyi.
“Consistent with this directive, students will be eligible for maintenance loans solely for their current academic session. Upon the completion of an institution’s academic year, maintenance payments for that session will automatically conclude.
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“As a result, students who progress to a new academic year will no longer receive maintenance disbursements for the preceding session,” Oluwatuyi stated in the announcement.
NELFUND further advised interested loan 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.
“In order to guarantee precision and clarity, the NELFUND loan platform is undergoing automation to incorporate this modification. The platform will from now on showcase solely the maintenance loans that each student has obtained during the pertinent session.
“Consequently, institutions are heavily encouraged to upload their academic schedules and sessional details promptly to ensure that their students receive the complete maintenance advantages owed to them for the duration of an entire academic year,” he remarked.
Apart from institutional loans disbursed directly to institutions, beneficiaries of the student loan scheme enjoy monthly disbursement of N20,000 which amounts to N240,000 yearly.
With the new directive, students will only enjoy the monthly N20,000 during academic session while payment will be ceased when students embark on holidays.
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