NELFUND highlights further benefits of new upkeep payment structure
The Nigerian Education Loan Fund (NELFUND) affirms that transition from a 12-month payment structure to a per-session payment approach for upkeep allowances is to the benefit of beneficiaries of the student loan scheme.As part of our ongoing efforts to enhance the efficiency and effectiveness of our operations, we announced a transition from a 12-month payment structure to a per-session payment approach for upkeep allowances.
This change is driven by two primary considerations: Firstly, Nigeria’s tertiary institutions operate under different academic calendars, making it challenging to implement a uniform payment schedule. By aligning upkeep disbursements with each institution’s academic session, it will ensure payments are made to beneficiaries in a timely and relevant manner.
Secondly, the new policy aims to eliminate the risk of duplicate upkeep payments to the same student within the same institution and academic session. This will help NELFUND maintain the integrity of our payment system and ensure that funds are utilised effectively.The per-session payment approach for upkeep allowances will bring several benefits to students, parents, and tertiary institutions in many ways.
1.Upkeep payments will be managed in a fair and transparent manner, aligned with each institution’s academic schedule;
2.The new policy will ensure that funds are utilised effectively, reducing the risk of duplicate payments and minimising administrative errors.
3.By aligning payments with academic sessions, students will receive their upkeep allowances in a timely manner, enabling them to focus on their studies without financial distractions.
To ensure accuracy and transparency, the NELFUND portal is being updated to automatically reflect only the upkeep loan that has been collected by each student within the relevant session. NELFUND remains committed to maintaining a transparent and efficient process for managing the student loan scheme. We are dedicated to ensuring that our operations are guided by the principles of fairness, accountability, and transparency.
Our goal is to provide students with the financial support they need to succeed, while also promoting the integrity and sustainability of the loan scheme. At NELFUND, we believe that this new policy will translate to positive impact on the student loan scheme, and we are confident that it will benefit our students and partner institution We look forward to continuing our work with our valued stakeholders to ensure the long-term success and sustainability of the NELFUND student loan scheme.
