NELFUND Urges Schools to Clarify Student Loan Scheme
The Nigerian Education Loan Fund has clarified that accessing student loans is voluntary and not compulsory for tertiary institution students, urging applicants to seek the facility only when they genuinely need financial assistance to pursue their education. The clarification was contained in a statement signed by the fund’s Director of Strategic Communications, Oseyemi Oluwatuyi, in Abuja on Wednesday. NELFUND explained that the scheme was established to remove financial barriers to higher education and ensure that eligible Nigerian students were not denied educational opportunities because of financial difficulties. It stressed that students who could afford their educational expenses were under no obligation to apply, adding that making the loans compulsory regardless of students’ financial circumstances would contradict the scheme’s purpose. According to the fund, the initiative is designed to support students who need assistance rather than encourage indiscriminate borrowing.
NELFUND urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme and guide students who require financial support on how to apply. It added that the facility was interest-free and intended to ease the financial burden associated with higher education. However, the fund reminded prospective applicants that beneficiaries were required to repay the loans in accordance with the provisions of the Student Loans Act, advising students to understand the terms and conditions before applying. NELFUND maintained that its objective was to prevent financial hardship from denying eligible Nigerians access to tertiary education, describing the scheme as part of the Federal Government’s efforts to expand educational opportunities. The clarification underscores that while eligible students can access interest-free financial assistance, applying remains a personal choice and beneficiaries must fulfil the applicable repayment obligations.
#UTVAfrica#
