The Nigerian Education Loan Fund (NELFUND) wishes to clarify that accessing the student loan scheme is voluntary and not a compulsory requirement for students in Nigerian tertiary institutions.
The student loan scheme was established to provide financial assistance to Nigerian students who require support to meet the cost of their education. It is designed to remove financial barriers to higher education, promote equal access to learning opportunities, and ensure that no eligible student is denied an education simply because of financial constraints.
This was contained in a statement on Wednesday by Director, Strategic Communications, Nigerian Education Loan Fund (NELFUND), Mrs Oseyemi Oluwatuyi.
Consequently, the decision to apply for and access the loan should be based on an individual student’s financial circumstances and genuine need for assistance. Students who do not require financial support are under no obligation to apply for or access the 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.
NELFUND further emphasises 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.
NELFUND therefore encourages 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.
NELFUND is committed to ensuring that financial hardship does not stand in the way of a Nigerian student’s educational aspirations.
