NELFUND Confirms Voluntary Nature of Student Loan Scheme

The Nigerian Education Loan Fund (NELFUND) has announced that its interest-free student loan scheme is voluntary, allowing students to choose whether to apply based on their financial circumstances. In a statement signed by Mrs Oseyemi Oluwatuyi, Director of Strategic Communications, NELFUND emphasized that the scheme is designed to assist eligible Nigerian students who are experiencing financial difficulties in pursuing higher education.

The Fund stated that making the loan compulsory for all students would contradict its purpose. NELFUND aims to provide financial relief to those struggling with educational costs while allowing those who can afford their expenses to opt out.

Although the loan is interest-free, it carries repayment obligations as per the Student Loans Act. NELFUND urged students to understand the terms of the scheme and encouraged educational institutions and stakeholders to disseminate accurate information to prevent misunderstandings and ensure that genuinely needy students can benefit.