The Nigerian Education Loan Fund (NELFUND) has clarified that accessing student loans is voluntary, urging tertiary institution students to apply only when they genuinely need financial assistance to pursue their education.
The clarification was contained in a statement issued in Abuja on Wednesday and signed by NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi.
The fund explained that the scheme was designed to remove financial barriers to higher education and ensure that eligible Nigerian students were not denied educational opportunities because of financial constraints.
It stressed that students who could afford their educational expenses were under no obligation to apply for or access the facility.
According to NELFUND, making the loans compulsory for all students, regardless of their financial circumstances, would contradict the scheme’s purpose of supporting those who genuinely require financial assistance.
“The student loan scheme is a support mechanism, not an obligation,” the fund stated.
NELFUND urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme and guide students who need financial support on how to apply.
It added that the facility was interest-free and intended to help beneficiaries overcome financial difficulties associated with pursuing higher education.
However, the fund cautioned prospective applicants that the loans came with repayment obligations under the provisions of the Student Loans Act. It therefore advised students to understand the terms and conditions before applying.
NELFUND maintained that its objective was to ensure that financial hardship did not prevent eligible Nigerian students from pursuing their educational aspirations.
The scheme forms part of the Federal Government’s efforts to expand access to tertiary education by providing financial assistance to students who may struggle to meet the costs of their studies.
The fund’s latest clarification reinforces the distinction between the availability of financial assistance and an obligation to borrow, while reminding prospective beneficiaries that those who access the facility must fulfil the applicable repayment requirements.
