The Nigerian Education Loan Fund (NELFUND) has clarified that accessing the federal student loan scheme is voluntary and not compulsory for students in Nigerian tertiary institutions.
The Fund said the scheme was established to support students who genuinely need financial assistance to meet the cost of their education.
According to NELFUND, students should decide whether to apply based on their financial circumstances, adding that those who do not need financial support are under no obligation to access the loan.
It explained that making the scheme compulsory for all students, regardless of their financial needs, would contradict its purpose of removing financial barriers to higher education.
NELFUND stressed that its objective is not to encourage every student to borrow but to ensure that eligible Nigerians who require financial assistance have access to the facility.
The Fund also reiterated that the student loan is interest-free but comes with repayment obligations under the provisions of the Student Loans Act.
It therefore advised students to understand the scheme’s terms and conditions and make informed decisions before applying.
NELFUND urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme and guide students who need financial assistance to continue their education.
The Fund reaffirmed its commitment to ensuring that financial hardship does not prevent eligible Nigerian students from pursuing higher education.
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