The Nigerian Education Loan Fund (NELFUND) has clarified that student loans are voluntary, urging tertiary institution students to apply only when they need financial assistance.
The clarification was contained in a statement issued in Abuja on Wednesday and signed by the fund’s Director of Strategic Communications, Oseyemi Oluwatuyi.
NELFUND explained that the scheme was established to reduce financial barriers to higher education and ensure that eligible students are not denied educational opportunities because of financial constraints.
The fund stressed that students who can afford their educational expenses are under no obligation to apply for the loans.
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It added that the facility is interest-free but comes with repayment obligations under the Student Loans Act, advising prospective applicants to understand the terms before applying.
NELFUND also urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme and guide students who require financial support.
The fund reiterated that its objective is to ensure that financial difficulties do not prevent eligible Nigerians from pursuing higher education.
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