NELFUND takes action against schools holding back student loan reimbursements

The Nigerian Education Loan Fund is taking action against tertiary institutions that have withheld refunds owed to students under the Federal Government's student loan scheme, and is working with affected schools and relevant authorities to ensure compliance.

n

This move comes after the Fund condemned reports of arbitrary increases in tuition and other institutional charges, which it says are contrary to the objectives of the student loan programme.

n

Some institutions have delayed or refused to refund students who had already paid their tuition fees before the Fund disbursed the same fees to the schools on their behalf, according to NELFUND.

n

A public notice issued by the Fund on Monday expressed concern over these reports, stating that such practices are unacceptable and undermine the purpose of the student loan scheme.

n

The Student Loan Scheme was established to remove financial barriers to higher education, and should not be used to place additional financial burdens on students, the Fund emphasized.

n

As an initiative of the President Bola Ahmed Tinubu administration, the Student Loan Scheme aims to make higher education more accessible, and should not be exploited by institutions to create additional burdens for students.

n

To address the issue, NELFUND has commenced engagements with affected institutions and relevant authorities to ensure that eligible students receive their refunds and that institutional charges remain fair and transparent.

n

The Fund stated that it is working to ensure that due refunds are made to eligible students, and that institutional charges are consistent with the objectives of the Scheme.

n

NELFUND reiterated its commitment to protecting the interests of students and preserving the integrity of the student loan scheme, which it described as a landmark national intervention.

n

The Fund's latest intervention follows growing complaints from beneficiaries of the student loan scheme, who have reported that some tertiary institutions have failed to refund tuition fees they paid before NELFUND settled the same obligations directly with the schools.

n

Students have also raised concerns over delays in processing refunds, despite confirmations that the institutions had received payments from the Fund.

n

The student loan scheme, a flagship education financing initiative of the President Bola Tinubu administration, provides interest-free loans to eligible students in public tertiary institutions to improve access to higher education.

n

Under the programme, NELFUND pays tuition fees directly to institutions, while approved upkeep allowances are paid into beneficiaries' bank accounts.

n

The Fund has consistently warned institutions that students who paid their fees before NELFUND's intervention are entitled to full refunds once the Fund remits the tuition on their behalf.

n

Monday's notice marks a tougher enforcement stance by the agency, as it seeks to prevent abuses that could undermine confidence in the programme.