The Nigerian Education Loan Fund (NELFUND) says participation in its student loan scheme is voluntary and not a compulsory requirement for students in Nigerian Tertiary Institutions.
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.
In a statement, NELFUND’s Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, said “the decision to apply for the loan should be based on each student’s financial circumstances and genuine need for assistance.”
Mrs Oluwatuyi stressed that students who do not require financial support are under no obligation to apply for or access the loan facility.
“Making access to the loan compulsory for all students, regardless of their financial circumstances, would run contrary to 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 student loan scheme is a support mechanism, not an obligation,” she said
Mrs Oluwatuyi further emphasised that the student loan is interest free and is intended to help beneficiaries overcome financial difficulties associated with pursuing higher education.
“However, like every financial facility, it comes with repayment obligations in accordance with the provisions of the Student Loans Act. Students are therefore encouraged to understand the terms and conditions of the scheme and make informed decisions before applying,” she said.
NELFUND therefore encouraged 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.
Mrs Oluwatuyi added that NELFUND is committed to ensuring that financial hardship does not stand in the way of a Nigerian student’s educational aspirations.
