The Nigerian Education Loan Fund, NELFUND, has clarified that students in Nigerian tertiary institutions are not under compulsion to apply for the federal government’s student loan scheme.
The Fund said the interest-free loan was introduced to support students who struggle to pay their education expenses, adding that applying for it should remain a personal decision based on individual financial needs.
NELFUND made the clarification in a statement issued on Wednesday and signed by its Director of Strategic Communications, Mrs Oseyemi Oluwatuyi.
“The scheme is intended to ensure that no qualified Nigerian student is denied the opportunity to pursue higher education because of financial difficulties,” NELFUND said.
It cautioned against any practice that could create the impression that students must take loans to continue their studies, regardless of their financial situation.
“The 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.
“Students who can fund their education on their own are under no obligation to apply for the loan and can continue their studies without taking on any debt,” it said.
It also reminded prospective applicants that although the loan carries no interest, beneficiaries are required to repay it in line with the provisions of the Student Loans Act.
NELFUND therefore advised students to understand the conditions attached to the facility and consider their financial circumstances before applying.
The Fund described the scheme as an important measure to widen access to higher education, particularly for students whose academic ambitions could be affected by a lack of funds.
It also urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the programme and guide students who need financial support.
Student loan not compulsory for tertiary students - Nigerian govt on NELFUND