NELFUND clarifies Nigerian student loan scheme is voluntary

The Nigerian Education Loan Fund (NELFUND) has clarified that its student loan scheme is a voluntary support mechanism rather than a compulsory requirement for students in tertiary institutions. In a statement issued in Abuja, the agency emphasized that the program is designed specifically for students who genuinely require financial assistance to overcome barriers to higher education.

NELFUND stated that making the loan mandatory for all students, regardless of their financial status, would contradict the fundamental purpose of the scheme. The fund's objective is to promote equal access to learning opportunities and ensure that qualified students are not denied education due to a lack of funds. Students who are capable of self-funding their education are not expected to apply.

While the loans are interest-free, NELFUND reminded beneficiaries that they are expected to repay the funds in accordance with the provisions of the Student Loans Act. The agency urged students to review the terms and conditions carefully before applying and called on tertiary institutions and student leaders to provide accurate guidance to those in need.