…says eligible students should apply based on financial need, reminds beneficiaries of repayment obligations
The Nigerian Education Loan Fund (NELFUND) has clarified that accessing student loans is voluntary and not a compulsory requirement for students in Nigerian tertiary institutions, urging eligible applicants to assess their financial needs before seeking assistance.
The fund said the scheme was established to help students who face financial difficulties meet the cost of their education, stressing that those who do not require financial support are under no obligation to apply.
In a statement signed by Oseyemi Oluwatuyi, director of strategic communications at NELFUND, the agency said making the loan compulsory for all students, regardless of their financial circumstances, would contradict the scheme’s purpose of removing financial barriers to higher education.
“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 described the student loan scheme as a support mechanism rather than an obligation, adding that its objective was to promote equal access to education and ensure that financial constraints did not prevent eligible Nigerians from pursuing higher education.
NELFUND also reminded students that although the loans are interest-free, beneficiaries are required to repay them 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,” the statement said.
The clarification comes as the agency seeks to ensure that students and tertiary institutions understand the voluntary nature of the facility and its intended role in supporting those who genuinely need financial assistance.
NELFUND urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme and guide students who require financial support to continue their education.
The agency reaffirmed its commitment to ensuring that financial hardship does not stand in the way of Nigerian students’ educational aspirations.
