The Nigerian Education Loan Fund (NELFUND) has clarified that applying for or accessing its student loan scheme is voluntary and not a compulsory requirement for students in Nigerian tertiary institutions.
In a statement signed by its Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, the Fund stressed that the scheme was established to provide financial assistance to students who genuinely need support to meet the cost of their education.
NELFUND explained that the initiative is designed to remove financial barriers to higher education, promote equal access to learning opportunities and ensure that no eligible Nigerian student is denied education because of financial constraints.
It emphasised that students should decide whether to apply for the loan based on their individual financial circumstances and genuine need for assistance. Those who do not require financial support are under no obligation to access the facility.
According to the Fund, making the loan compulsory for all students, regardless of their financial situations, would contradict the scheme’s fundamental purpose.
“NELFUND’s objective is not to encourage every student to borrow, but to ensure that every eligible Nigerian student who genuinely needs financial assistance has the opportunity to access it,” the statement said.
The Fund described the student loan scheme as a support mechanism rather than an obligation, reiterating that its primary aim is to help students overcome financial difficulties associated with pursuing higher education.
NELFUND also noted 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 prospective applicants to familiarise themselves with the scheme’s terms and conditions and make informed decisions before applying.
The Fund further called on tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme and guide students appropriately, particularly those who need financial assistance to continue their education.
NELFUND reaffirmed its commitment to ensuring that financial hardship does not prevent Nigerian students from pursuing their educational aspirations.
