Student loans voluntary, not compulsory –NELFUND

The Nigerian Education Loan Fund has clarified that access to student loans is voluntary and not compulsory for tertiary institution students. In a statement released on Wednesday in Abuja, the Fund urged students to only apply for financial assistance when genuinely needed to pursue their education. Established to remove financial barriers, the student loan scheme aims to ensure that eligible Nigerian students are not denied educational opportunities due to financial constraints.

The Fund emphasized that students who can afford their educational expenses are under no obligation to apply for or access the facility. Making the loans compulsory would contradict the scheme's purpose of supporting those who need financial assistance. The interest-free loans are intended to help beneficiaries overcome financial difficulties associated with pursuing higher education, but students must understand the repayment obligations outlined in the Student Loans Act before applying.