The Nigerian Education Loan Fund (NELFUND) said students may decline its loans, describing the interest-free program as support for those who need help paying for higher education.
BusinessDay reported that the statement was signed by Oseyemi Oluwatuyi, NELFUND’s director of strategic communications. The fund said students should consider their financial circumstances before applying and that requiring students who can meet education costs to borrow would conflict with the scheme’s aim of reducing financial barriers.
NELFUND said the program is intended to help eligible Nigerians pursue higher education when financial hardship stands in the way. The agency asked tertiary institutions and student leaders to give students accurate information about the program and guide those who need financial support.
The loans carry no interest, but they are not grants: beneficiaries must repay them under the Student Loans Act. NELFUND urged students to review the terms before applying.
