NELFUND Clarifies Student Loan Scheme Is Voluntary, Not Mandatory

The Nigerian Education Loan Fund (NELFUND) has stated that only students who genuinely require financial assistance should apply for its loan scheme. The agency clarified that taking the loan is not mandatory for students at Nigerian colleges and universities.

This clarification comes after claims circulated on social media that students at Enugu State College of Education (Technical) were being forced to take the NELFUND loan. NELFUND emphasized that applying for the loan is entirely voluntary.

In a statement released from Abuja, Mrs. Oseyemi Oluwatuyi, the Director of Strategic Communications for NELFUND, explained that the loan program is designed to help students who face financial challenges in pursuing their education. The goal is to eliminate financial barriers and ensure equal access to higher education.

According to NELFUND, students who do not need financial support are not required to apply for the loan, as doing so would contradict the scheme’s purpose. The agency stressed that the decision to apply should depend on each student’s financial situation and need for assistance.

Additionally, NELFUND mentioned that the loan is interest-free, intended to help students manage the costs of their education. However, students must repay the loan according to the rules set out in the Student Loans Act.

NELFUND encouraged educational institutions, student leaders, and other stakeholders to share accurate information about the loan scheme and assist students who may need financial help to continue their studies. The agency reaffirmed its commitment to ensuring that financial difficulties do not hinder any Nigerian student’s educational goals.