The Nigerian Education Loan Fund says accessing its student loan scheme is voluntary, stressing that students who do not need financial assistance are not required to apply.
The fund said the scheme was established to support eligible Nigerian students who struggle to meet the cost of higher education.
Oseyemi Oluwatuyi, NELFUND’s director of strategic communications, stated this in a statement on Wednesday.
She said the initiative was designed to remove financial barriers to higher education, promote equal access to learning opportunities and prevent eligible students from being denied education because of financial constraints.
According to her, students should decide whether to apply for the loan based on their individual financial circumstances and genuine need for assistance.
“Students who do not require financial support are under no obligation to apply for or access the facility,” she said.
Ms Oluwatuyi said that making access to the loan compulsory for all students, regardless of their financial circumstances, would contradict the scheme’s fundamental purpose.
She explained that NELFUND’s objective was not to encourage every student to borrow but to ensure that eligible students who genuinely needed financial assistance could access it.
“The student loan scheme is a support mechanism, not an obligation,” she said.
Ms Oluwatuyi reiterated that the loan was interest-free and intended to help beneficiaries overcome the financial challenges of pursuing higher education. She, however, noted that beneficiaries were required to repay the loans in accordance with the provisions of the Student Loans Act.
Ms Oluwatuyi urged students to understand the scheme’s terms and conditions and make informed decisions before applying.
She also called on tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme and guide students appropriately, particularly those requiring financial assistance to continue their education.
Ms Oluwatuyi reaffirmed NELFUND’s commitment to ensuring that financial hardship did not prevent eligible Nigerian students from pursuing their educational aspirations.
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