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 genuinely need support to meet the cost of their education, stressing that students who do not require financial assistance are under no obligation to apply.
In a statement issued in Abuja and signed by its Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, NELFUND said the initiative was designed to remove financial barriers to higher education, promote equal access to learning opportunities and ensure that no eligible student is denied education because of financial constraints.
The Fund explained that the decision to apply for the loan should be based on each student’s financial circumstances and genuine need for assistance.
It noted that making access to the facility compulsory for all students, regardless of their financial situation, would contradict the scheme’s fundamental purpose.
According to NELFUND, its objective is not to encourage every student to borrow but to ensure that eligible Nigerian students who genuinely require financial assistance have the opportunity to access the facility.
“The student loan scheme is a support mechanism, not an obligation,” the statement said.
NELFUND further emphasised that although the loan is interest-free, beneficiaries are required to meet repayment obligations 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 programme and guide students appropriately, particularly those who require financial support to continue their education.
NELFUND reaffirmed its commitment to ensuring that financial hardship does not prevent eligible Nigerian students from pursuing their educational aspirations.
