This is just as the Fund says the loans are to assist students facing financial hardship and that there is no compulsion in taking the loans.
The Fund, in a clarification issued on Wednesday, stressed that accessing the interest-free loan remains a personal decision that must be guided by a student’s financial circumstances and genuine need for assistance.
The Fund explained that the scheme was established to break financial barriers to higher education and prevent eligible Nigerian students from abandoning their academic ambitions because of a lack of funds.
It, however, cautioned against any interpretation or practice that could make borrowing compulsory for students, irrespective of their financial capacity.
According to the Fund, compelling students who do not need financial assistance to take loans would defeat the very purpose of the programme.
READ RELATED STORY
NELFUND row: Onanuga, NANS hit Back at Melaye over ₦20,000 claim
Atiku assassination claim: APC denies plot, says security intact
PDP Interim Working Committee rejects backing Tinubu re-election
“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,” NELFUND said.
It added that the loan scheme was a support mechanism rather than an obligation, stressing that students who could independently meet their educational expenses were free to pursue their studies without applying for the facility.
Beyond clarifying the voluntary nature of the scheme, NELFUND reminded prospective beneficiaries that the interest-free facility carries repayment obligations under the provisions of the Student Loans Act.
The Fund, therefore, urged students to familiarise themselves with the terms and conditions governing the loans and make informed decisions before submitting applications.
While describing the scheme as a critical intervention to expand access to higher education, NELFUND maintained that its priority remained ensuring that financial difficulties did not prevent qualified Nigerian students from pursuing their educational aspirations.
The Fund also called on tertiary institutions, student leaders and other stakeholders to provide accurate information about the programme and guide students appropriately, particularly those struggling to finance their education.
It reiterated its commitment to ensuring that eligible students who genuinely require financial assistance could access the facility without being misled into believing that taking a loan was a compulsory condition for studying in a Nigerian tertiary institution.
