Nigerian Education Loan Fund (NELFUND) will close the 2023/2024 student loan application cycle on February 21.

NELFUND’s managing director, Akintunde Sawyerr, disclosed this at a news conference in Abuja on Monday, saying the 2024/2025 application cycle would commence on February 22.

Mr Sawyerr said the transition to the 2024/2025 cycle was a demonstration of the organisation’s commitment to efficiency, transparency and continuous improvement of the scheme.

“NELFUND remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints.

“In just 220 days, we have received an impressive 364,042 applications with an average of 1,000 applications per day.

“I am proud to announce that N22,736,960,971.58 has been disbursed to cover institutional fees across 150 institutions, directly benefiting 215,514 students.

“Furthermore, a total of N12,818,960,000 has been disbursed as upkeep support, reaching 169,114 students, each receiving N20,000 monthly to assist with their living expenses,” he said.

Mr Sawyerr reassured those who had successfully submitted their applications before the deadline that they would be processed in line with the fund’s established guidelines.

“Our team remains committed to ensuring a fair and timely review of all pending applications.

“This transition is a necessary step to streamline our operations, align with the academic calendar and enhance our ability to process applications efficiently,” he said.

(NAN)