The Nigerian Education Loan Fund (NELFUND) has clarified how payments are disbursed under the student loan scheme, following concerns and inquiries from students about the process.
In a statement made available on their site, the agency explained that different components of the loan are paid through separate channels.
According to NELFUND, institutional fees are paid directly to the beneficiaries’ schools, while the upkeep allowance is transferred to the personal bank accounts of students.
The agency noted that the upkeep allowance is typically paid in monthly instalments, meaning beneficiaries may notice their tuition fees being disbursed before the upkeep payments begin to reflect in their accounts.
“This means you may see school fees disbursed first before your upkeep starts reflecting,” the update stated.
NELFUND also advised students to ensure their bank details are accurate and that their institutions have properly verified their records to avoid delays in payments.
The agency urged beneficiaries to stay informed through official channels and avoid misinformation regarding the student loan scheme.
The Nigerian Education Loan Fund introduced the student loan programme to support eligible students in tertiary institutions across the country with funding for tuition and basic upkeep.