The Nigerian Education Loan Fund (NELFUND) has clarified that accessing the federal student loan scheme is voluntary and not a compulsory requirement for students in Nigerian tertiary institutions.
In a statement signed by its Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, NELFUND said the scheme was established to provide financial assistance to students who genuinely need support to meet the cost of their education.
The Fund said the loan scheme was designed to remove financial barriers to higher education, promote equal access to learning opportunities and ensure that eligible students are not denied education because of financial constraints.
It therefore urged students to decide whether to apply for the facility based on their individual financial circumstances and need for assistance.
“Students who do not require financial support are under no obligation to apply for or access the facility,” NELFUND said.
The Fund warned that making access to the loan compulsory for all students, regardless of their financial circumstances, would undermine the fundamental purpose of the scheme.
According to NELFUND, its 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.
It described the student loan as a “support mechanism, not an obligation.”
NELFUND also emphasised that the loan is interest-free but comes with repayment obligations in accordance with the provisions of the Student Loans Act.
It advised prospective beneficiaries to understand the terms and conditions of the scheme and make informed decisions before applying.
The Fund further called on tertiary institutions, student leaders and other stakeholders to provide accurate information about the loan scheme and properly guide students, particularly those facing financial difficulties.
NELFUND reaffirmed its commitment to ensuring that financial hardship does not prevent Nigerian students from pursuing their educational aspirations.
