The Nigerian Education Loan Fund (NELFUND) has clarified that its student loan programme is not compulsory for tertiary institution students, stressing that only those who require financial assistance should apply.
The clarification was contained in a statement issued in Abuja on Wednesday and signed by the fund’s Director of Strategic Communications, Oseyemi Oluwatuyi.
NELFUND explained that the scheme was designed to ensure that financial difficulties did not prevent eligible Nigerian students from gaining access to higher education.
According to the fund, students who can independently finance their education are under no obligation to apply for or benefit from the loan facility.
It warned that compelling all students to access the loans, regardless of their financial circumstances, would undermine the programme’s primary objective of supporting those who genuinely need assistance.
“The student loan scheme is a support mechanism, not an obligation,” the fund stated.
NELFUND also called on tertiary institutions, student union leaders and other stakeholders to provide accurate information about the programme and guide financially disadvantaged students through the application process.
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The fund further disclosed that the loans are interest-free, making them a source of financial relief for eligible students struggling to meet the cost of their education.
However, it reminded prospective beneficiaries that the facility carries repayment obligations under the provisions of the Student Loans Act.
It therefore advised applicants to familiarise themselves with the terms and conditions of the scheme before accessing the funds.
NELFUND maintained that its central objective was to widen access to tertiary education and ensure that financial hardship did not prevent qualified Nigerian students from pursuing their academic ambitions.
The programme forms part of the Federal Government’s efforts to provide financial support to students who may be unable to meet the expenses associated with higher education.