NELFUND Board Approves Loan Disbursement for Successful Applicants -

The Board of Nigerian Education Loan Fund (NELFUND) has given approval for disbursement of loan to successful applicants.

The board, led by a banker Jim Ovia, in its inaugural meeting held on Thursday in Abuja, said the meeting marked a significant milestone in the agency’s commitment to provide interest-free loan to undergraduate students in tertiary institutions.

Recall NELFUND opened its portal for application for students at federal-owned institutions on May 24, 2024. The loan is divided into two segments: institution fee, which will be paid directly to the institution’s bank account, and upkeep loan, which will be paid into the bank account of the successful applicant.

“By approving the immediate disbursement of the loans, NELFUND is taking a critical step in fulfilling its mission to support education and empower the next generation of leaders.”
Agency’s Head of Media Nasir Ayitogo says.

Present at the meeting were the management of the fund led by the Managing Director/CEO, Mr Akintunde Sawyerr and representatives of member organizations.

When will the loan disbursement commence?

While EdubaseNG earlier reported that the status of some applicants had changed to “approve”, many of them are anxious to know the exact time when the disbursement will commence?

Providing an answer, the management says disbursement will start at the beginning of the 2024/2025 academic session of each institution.

This means that disbursement won’t be done at the same time for all applicants and will not cover the current session which has since started in most institutions.

Dorcas Opeyemi

Dorcas has over five years of experience writing about scholarships, undergraduate studies, and education financing. She provides valuable insights and tips to help students navigate the complexities of funding their education. Her writings have featured on InfomediaNG

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