NELFUND Debunks Claims Of Student Loan Repayment

The Nigerian Education Loan Fund (NELFUND) has denied media reports alleging that beneficiaries of the Fund’s loan scheme have been directed to commence repayment.

NELFUND, in a statement by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, on Saturday, stated that the reports w3re false, misleading, and unfounded.

This clarification followed an official statement by the Vice-Chancellor of the University of Benin (UNIBEN, )Prof Edoba Bright Omoregie, SAN, which disowned a purported circular currently in circulation outlining repayment procedures for NELFUND loans.

According to NELFUND, the university confirmed that the document did not originate from the institution and that no repayment guideline has been issued by NELFUND or the Federal Government.

Oluwatuyi further stated; “For the avoidance of doubt, NELFUND has not issued any directive requesting students to begin repayment of their loans.

“The repayment framework for NELFUND loans is clearly stipulated in the NELFUND Establishment Act, which provides that: No beneficiary is required to repay the loan while still in school.”

“No repayment is required while a beneficiary remains unemployed after graduation and Loan repayment only commences in line with the provisions of the law, after gainful employment, as applicable,” she added.

NELFUND reiterated its commitment to its mandate of expanding access to higher education by providing transparent, fair, and student-friendly financing solutions.

It noted that any official information regarding loan administration or repayment will only be communicated through verified NELFUND channels and formal government platforms.

The Fund, therefore, urged students, parents, institutions, and the public to disregard the fake circular and related publications, and to avoid spreading unverified information capable of causing unnecessary anxiety among students.