The Nigerian Education Loan Fund has clarified that student loans are voluntary, urging tertiary institution students to apply only when they need financial assistance. The fund said students who can afford their education expenses are under no obligation to access the facility.
The clarification was contained in a statement issued in Abuja on Wednesday and signed by NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi. The agency explained that the scheme was established to ensure that financial difficulties do not prevent eligible Nigerians from pursuing higher education.
NELFUND stressed that making the loans compulsory for all students, regardless of their financial circumstances, would contradict the scheme’s purpose. It described the facility as a support mechanism designed to help students who genuinely need assistance rather than encourage unnecessary borrowing.
The fund urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme. It also encouraged them to guide students who require financial support on the application process and how to access the loans.
According to NELFUND, the loans are interest-free and intended to ease the financial burden associated with higher education. The arrangement is part of the Federal Government’s efforts to expand access to tertiary education for students who struggle to meet the costs of their studies.
However, the agency reminded prospective applicants that the loans come with repayment obligations under the Student Loans Act. It advised students to understand the applicable terms and conditions before applying for the facility.
NELFUND maintained that its objective is to ensure that financial hardship does not deny eligible Nigerians educational opportunities. Its latest clarification emphasises that students can choose whether to apply, while beneficiaries must fulfil the repayment requirements attached to the loans.
