By Felix Khanoba
The Nigerian Education Loan Fund (NELFUND) has clarified that accessing its interest-free student loan scheme is voluntary, stressing that students who do not need financial assistance are under no obligation to apply.
The Fund said the scheme was designed to support eligible Nigerian students facing financial difficulties in pursuing higher education, rather than compel every student in tertiary institutions to borrow money.
In a statement signed by its Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, in Abuja on Wednesday, NELFUND explained that the decision to apply for the loan should depend on individual students’ financial circumstances and genuine need for assistance.
It noted that the scheme was established 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.
According to the Fund, making the loan compulsory for all students, irrespective of their financial circumstances, would contradict the purpose for which the scheme was established.
“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 statement said.
The Fund emphasised that the facility was intended to provide financial relief to students struggling to meet the cost of their education, adding that those who could afford their educational expenses were free to opt out.
It, however, reminded prospective beneficiaries that although the loan is interest-free, it carries repayment obligations in accordance with the provisions of the Student Loans Act.
NELFUND therefore advised students to familiarise themselves with the terms and conditions of the scheme and make informed decisions before submitting their applications.
The Fund also urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the loan scheme to prevent misunderstandings and ensure that students who genuinely need financial support can benefit.
It reiterated its commitment to ensuring that financial hardship does not prevent eligible Nigerian students from pursuing their educational aspirations.
