The Nigerian Education Loan Fund, NELFUND, has disclosed plans to discontinue the disbursement of upkeep loans, during school holidays.
Investigation by Radio One revealed that apart from loans disbursed directly to institutions, beneficiaries of the student loan scheme enjoy a monthly disbursement of twenty thousand naira.
Director of NELFUND’s Corporate Communications, Mr. Oseyemi Oluwatuyi, in a statement noted that upkeep loans will henceforth be strictly tied to the academic session of each institution.
He advised interested loan applicants 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 NELFUND Spokesman also advised Tertiary Institutions to upload their academic calendars and sessional information in a timely manner, to guarantee that their students receive the full upkeep benefits due to them for an entire academic year.
Writing by Gladys Haruna