NELFUND: Student loan access not compulsory
By Uji A Iliyasu, Abuja
The Nigerian Education Loan Fund (NELFUND) has clarified that accessing the student loan scheme is voluntary and not a requirement for students in Nigerian tertiary institutions.
In a statement signed by its Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, the Fund reaffirmed its commitment to ensuring that eligible students who genuinely need financial assistance can obtain interest-free loans to pursue their education.
According to NELFUND, the scheme was established to ease the cost of education for Nigerian students who require support. It is designed to remove financial barriers to higher education, promote equal access to learning opportunities, and ensure that no eligible student is denied an education simply because of financial constraints.
The Fund stressed that the decision to apply should rest on each student’s financial circumstances and genuine need. Students who do not require financial support, it said, are under no obligation to apply for or access the facility.
NELFUND noted that making the loan compulsory for all students, regardless of their circumstances, would run contrary to the scheme’s fundamental purpose. Its objective, the statement explained, is not to encourage every student to borrow, but to ensure that every eligible Nigerian student in genuine need has the opportunity to benefit.
“The student loan scheme is a support mechanism, not an obligation,” the Fund said.
The agency also emphasised that although the loan is interest-free and meant to help beneficiaries overcome the financial difficulties of pursuing higher education, it carries repayment obligations in line with the provisions of the Student Loans Act. Students were therefore encouraged to understand the terms and conditions of the scheme and make informed decisions before applying.
NELFUND further urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme and guide students appropriately, particularly those who need assistance to continue their education.
The Fund reiterated its commitment to ensuring that financial hardship does not stand in the way of any Nigerian student’s educational aspirations.