The Nigerian Education Loan Fund (NELFUND) has urged tertiary institution students to apply for student loans only when they genuinely need financial assistance, stressing that accessing the facility is voluntary.
The fund said students who could afford their educational expenses were under no obligation to apply for the loans.
In a statement issued in Abuja and signed by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND explained that the scheme aimed to remove financial barriers to higher education and ensure that eligible students were not denied educational opportunities because of financial difficulties.
“The student loan scheme is a support mechanism, not an obligation,” the fund stated.
NELFUND said making the loans compulsory for all students, regardless of their financial circumstances, would contradict the scheme’s purpose of supporting those who genuinely needed assistance.
It urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme and guide students who required financial support on how to apply.
The fund also clarified that the loans were interest-free but came with repayment obligations under the Student Loans Act.
It advised prospective applicants to understand the terms and conditions before accessing the facility.
NELFUND maintained that the scheme aimed to ensure that financial hardship did not prevent eligible Nigerian students from pursuing higher education.
The initiative forms part of the Federal Government’s efforts to expand access to tertiary education by providing financial assistance to students struggling to meet the costs of their studies.
