The Nigerian Education Loan Fund (NELFUND) has clarified that its student loan scheme is voluntary and not compulsory for students in tertiary institutions across the country.
The agency said the loan was created to support only students who genuinely need financial assistance to pay for their education and should not be seen as a mandatory requirement for every student.
NELFUND made the clarification in a statement issued on Wednesday in Abuja by its Director of Strategic Communications, Mrs Oseyemi Oluwatuyi.
According to the agency, the scheme is designed to remove financial barriers to higher education, promote equal access to learning opportunities and ensure that no qualified Nigerian student is denied education because of lack of funds.
It stressed that students who can comfortably fund their education are not expected to apply for the loan.
“Making access to the loan compulsory for all students, regardless of their financial circumstances, would run contrary to the scheme’s fundamental purpose,” the statement said.
NELFUND added: “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.”
The Fund also reminded students that although the loan is interest-free, beneficiaries are expected to repay it in line with the provisions of the Student Loans Act.
It advised students to carefully study the terms and conditions of the scheme before submitting their applications.
NELFUND further urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the programme and guide students who genuinely require financial support.
The student loan scheme was introduced by the Federal Government to expand access to higher education by helping eligible Nigerian students overcome financial challenges that could prevent them from completing their studies.
