NELFUND moves against schools accused of withholding student loan refunds

The Nigerian Education Loan Fund, NELFUND, has raised concerns over reports that some tertiary institutions are allegedly delaying or refusing to refund students whose tuition fees had already been paid before the disbursement of student loans under the Federal Government’s education loan scheme.

The development was disclosed in a statement issued by NELFUND and signed by its Director of Strategic Communications, Oseyemi Oluwatuyi.

According to the agency, it also received reports that some institutions had allegedly increased tuition fees and other charges, a development it said undermines the objectives of the student loan scheme.

NELFUND stated that the student loan scheme, introduced by the administration of President Bola Ahmed Tinubu, was created to eliminate financial barriers to higher education and should not become an avenue for imposing additional financial burdens on students.

“The Student Loan Scheme, an initiative of the administration of President Bola Ahmed Tinubu, was established to remove financial barriers to higher education, not to create additional burdens for Nigerian students,” the statement read.

The agency disclosed that it is engaging the affected institutions and relevant authorities to ensure that eligible students receive refunds where applicable and that institutional charges remain fair, transparent and consistent with the objectives of the scheme.

NELFUND reaffirmed its commitment to protecting the interests of beneficiaries and preserving the integrity of the student loan programme.