The Nigerian Education Loan Fund (NELFUND) has clarified that applying for its student loan scheme is voluntary, not compulsory, for students in Nigerian tertiary institutions.
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The Fund said the scheme provides financial assistance to students who need help meeting education costs. It aims to reduce financial barriers and ensure eligible students are not denied higher education because of financial hardship.
NELFUND said students should decide whether to apply based on their financial circumstances and genuine need. Those able to meet their education expenses without assistance are under no obligation to access the loan.
The Fund stressed that requiring every student to borrow would contradict the scheme’s purpose. Its objective is to support eligible students who need assistance, not to encourage everyone to take on debt.
NELFUND also clarified that the student loan is interest-free. However, beneficiaries must repay it in line with the Student Loans Act. Students should understand the terms and conditions before accepting the facility and make informed borrowing decisions.
The Fund urged tertiary institutions, student leaders and other stakeholders to provide accurate information and guide students appropriately, particularly those facing financial difficulties that could interrupt their education.
NELFUND reaffirmed its commitment to ensuring financial hardship does not prevent Nigerian students from pursuing higher education. The clarification means students who do not need financial support can continue their studies without taking the loan. Those who do need help are encouraged to assess their circumstances carefully and determine whether the facility is suitable for their education expenses.
How to apply
Students who need assistance can visit NELFUND’s official website at https://portal.nelf.gov.ng/ to review application guidance and eligibility requirements. Applicants should use official channels, read the loan terms carefully and submit accurate information. Applying is optional; confirm the latest instructions directly with NELFUND before proceeding.
