NELFUND debunks fake reports on student loan repayment

Nigerian Education Loan Fund (NELFUND) has noted with concern reports circulating in the media and on social platforms alleging that beneficiaries of the NELFUND student loan scheme have been directed to commence repayment.

NELFUND wishes to categorically state that these reports are false, misleading, and unfounded.

In a statement by the Director, Strategic Communications, Mrs. Oseyemi Oluwatuyi, the clarification followed an official statement by the Vice-Chancellor of the University of Benin (UNIBEN), Professor Edoba Bright Omoregie (SAN), which disowned a purported circular currently in circulation outlining repayment procedures for NELFUND loans.

The University has confirmed that the document did not originate from the institution and that no repayment guideline has been issued by NELFUND or the Federal Government.

“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:

1. No beneficiary is required to repay the loan while still in school.
2. No repayment is required while a beneficiary remains unemployed after graduation and
3. Loan repayment only commences in line with the provisions of the law, after gainful employment, as applicable.

According to the statement, “NELFUND remains fully committed to its mandate of expanding access to higher education by providing transparent, fair, and student-friendly financing solutions”.

” 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.

“NELFUND appreciates the continued cooperation of stakeholders and reassures all beneficiaries of its unwavering commitment to due process, accountability, and the welfare of Nigerian students”.