Nigerian Education Loan Fund (NELFUND) has revised its allowance payment structure for student loan beneficiaries.
Gatekeepers News reports that NELFUND moved the allowance payment structure from a 12-month cycle to a per-session disbursement model.
According to the fund, the adjustment is designed to improve efficiency and address the challenges posed by the varying academic calendars of higher institutions across the country.
Aligning payments with academic sessions is expected to ensure timely and relevant disbursement of stipends to students.
The new model is also aimed at preventing duplication of payments within the same institution and session, thereby safeguarding the integrity of the fund’s operations and promoting effective use of resources.
NELFUND further explained that the per-session structure will benefit students, parents, and institutions by providing a fairer and more transparent process.
To enhance accountability, the fund’s portal is being upgraded to automatically reflect each student’s loan records in line with their academic session.
