The Nigerian Education Loan Fund (NELFUND) has clarified that accessing student loans is voluntary, urging tertiary institution students to apply only when they genuinely require financial assistance.
The clarification was contained in a statement signed by NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi, in Abuja on Wednesday.
According to the fund, the student loan scheme was established to remove financial barriers to higher education and ensure that eligible Nigerian students are not denied educational opportunities because of financial constraints.
NELFUND stressed that students who can afford their educational expenses are under no obligation to apply for or access the facility.
It explained that making the loans compulsory for all students, regardless of their financial circumstances, would contradict the scheme’s purpose of supporting those who genuinely need 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 require financial assistance on how to access it.
The fund also noted that the facility is interest-free and designed to help beneficiaries overcome financial difficulties associated with pursuing higher education.
However, it cautioned prospective applicants that the loans come with repayment obligations under the Student Loans Act, advising them to understand the terms and conditions before applying.
NELFUND maintained that its objective is to ensure that financial hardship does not prevent eligible Nigerian students from pursuing their educational aspirations.
The scheme is 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.
