NELFUND: No Student Is Obliged to Borrow, Scheme Targets Those in Financial Need



…Fund Reaffirms Interest-Free Loans, Warns Beneficiaries Against Ignoring Repayment Obligations

The Nigerian Education Loan Fund (NELFUND) has reiterated that its student loan scheme is strictly voluntary, assuring Nigerian students that those who can finance their education independently are not required to take out loans.

The Fund said the initiative was introduced to ease the financial burden of higher education on eligible students who genuinely need assistance, rather than compel every student in Nigeria's tertiary institutions to become a borrower.

NELFUND stated this in Abuja on Wednesday, October 21, 2026, in a statement signed by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi.

The clarification comes as the Fund emphasised the importance of understanding the purpose of the scheme and making application decisions based on individual financial circumstances.

According to NELFUND, the programme is designed to remove financial obstacles that prevent students from accessing higher education, promote equal learning opportunities and ensure that financial hardship does not frustrate the academic ambitions of eligible Nigerians.

The Fund explained that students who have the financial capacity to meet their educational expenses without assistance are free to do so without applying for the facility.

It stressed that compelling students to borrow irrespective of their financial situation would undermine the fundamental objective of the initiative, which is to provide targeted support to those who need it.

NELFUND stated that its priority was to ensure that students facing genuine financial difficulties could access the assistance required to continue their education without unnecessary financial barriers.

It further described the loan scheme as a support mechanism, not an obligation, urging students to carefully evaluate their needs before deciding whether to apply.

While reaffirming the interest-free nature of the facility, the Fund cautioned that beneficiaries must repay their loans in accordance with the provisions of the Student Loans Act.

It therefore encouraged prospective applicants to familiarise themselves with the scheme's terms and conditions to make informed decisions about accessing the facility.

The Fund also urged tertiary institutions, student leaders and other stakeholders to educate students about the programme and ensure that accurate information reaches those who may benefit from it.

NELFUND reaffirmed its commitment to making higher education more accessible by helping eligible students overcome financial difficulties and pursue their academic goals.

The latest clarification underscores the Fund's position that the choice to borrow rests with the student, while the opportunity is available to eligible Nigerians who genuinely need financial assistance.

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