The Nigerian Education Loan Fund (NELFUND) has clarified that accessing its student loan scheme is voluntary and not compulsory for students in Nigerian tertiary institutions.
The clarification was contained in a statement issued on Wednesday, October 21, 2026, by the fund’s Director of Strategic Communications, Mrs Oseyemi Oluwatuyi.
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NELFUND said the scheme was established to provide financial assistance to Nigerian students who need support to meet the cost of their education, remove financial barriers to higher education and promote equal access to learning opportunities.
It explained that students should decide whether to apply for the loan based on their individual financial circumstances and need for assistance.
According to the fund, students who do not require financial support are under no obligation to apply for or access the facility.
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“Making access to the loan compulsory for all students, regardless of their financial circumstances, would run contrary to the scheme’s fundamental purpose,” the statement said.
NELFUND stressed that its objective was not to encourage every student to borrow, but to ensure that eligible students who genuinely need financial assistance have the opportunity to access it.
The fund further explained that although the loans are interest-free, beneficiaries are required to meet repayment obligations in accordance with the provisions of the Student Loans Act.
It therefore urged students to understand the scheme’s terms and conditions and make informed decisions before applying.
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NELFUND also called on tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme and guide students appropriately, particularly those facing financial difficulties.
The fund reaffirmed its commitment to ensuring that financial hardship does not prevent Nigerian students from pursuing their educational aspirations.
