The Nigerian Education Loan Fund (NELFUND) has announced that its new per-session payment system for upkeep allowances will provide students with more timely, transparent, and effective financial support, while also strengthening the integrity of the student loan scheme.

Under the new policy, upkeep payments will now be aligned with each tertiary institution's academic calendar, replacing the previous 12-month disbursement structure.

In a statement, the Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, explained that the change is designed to ensure that students receive their allowances when they need them most, reduce administrative errors, and prevent duplicate payments within the same academic session.

"This approach means students will get their upkeep on time, in line with their institution's session, so they can focus on their studies without unnecessary financial stress," she stated

Follow us on WhatsApp | LinkedIn for the latest headlines

The agency outlined several key benefits of the policy shift, including fairness and transparency. She noted that payments will follow each institution's academic schedule, ensuring equitable distribution.

On integrity and efficiency, Oluwatuyi said the system reduces the risk of duplicate disbursements and minimises administrative lapses.

On student-centered support, the director stated, "By tying payments to academic sessions, beneficiaries will receive funds promptly, helping them concentrate on their education. To back this process, NELFUND is upgrading its digital portal to automatically reflect only the upkeep loan each student has collected within a given session, thereby strengthening accountability and accuracy."

She reaffirmed NELFUND's commitment, stressing that the initiative reflects its guiding principles of fairness, accountability, and transparency.

"Our goal is to provide students with the financial support they need to succeed, while also safeguarding the sustainability of the loan scheme," Oluwatuyi stated.