The Nigerian Education Loan Fund, NELFUND, has clarified that accessing the student loan scheme is voluntary and not a compulsory requirement for students in Nigerian tertiary institutions.
The Fund said the scheme was established to provide financial assistance to students who need support to meet the cost of their education, remove financial barriers to higher education and promote equal access to learning opportunities.
NELFUND’s Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, said students should determine whether to apply for the loan based on their individual financial circumstances and genuine need for assistance, stressing that those who do not require financial support are under no obligation to access the facility.
She explained that making the loan compulsory for all students, irrespective of their financial circumstances, would contradict the scheme’s fundamental purpose, which is to ensure that eligible students who genuinely need assistance can pursue their education without financial constraints.
According to the Fund, the objective is not to encourage every student to borrow, but to ensure that no eligible Nigerian student is denied access to higher education because of financial hardship.
NELFUND further emphasised that although the student loan is interest-free, beneficiaries are required to repay it in accordance with the provisions of the Student Loans Act.
It therefore urged students to familiarise themselves with the terms and conditions of the scheme and make informed decisions before applying.
The Fund also called on tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme and guide students appropriately, particularly those who require financial assistance to continue their education.
NELFUND reaffirmed its commitment to ensuring that financial hardship does not prevent eligible Nigerian students from pursuing their educational aspirations.
