NELFUND Clarifies Student Loan Voluntary Status

The Nigerian Education Loan Fund (NELFUND) has confirmed that accessing its student loan scheme is voluntary and not a mandatory requirement for students in Nigerian tertiary institutions. This clarification was issued in a statement signed by Mrs Oseyemi Oluwatuyi, Director of Strategic Communications.

According to NELFUND, the decision to apply for a loan should be based on an individual student’s financial need. The Fund emphasized that students without financial difficulties are not obligated to access the facility, describing the scheme as a support mechanism rather than an obligation.

The student loan is interest-free and intended to assist eligible students facing financial challenges in pursuing higher education. However, it comes with repayment obligations as outlined in the Student Loans Act.