NELFUND Warns Tertiary Institutions Against Concealing Student Loan Disbursements
The Nigerian Education Loan Fund (NELFUND) has issued a firm caution to tertiary institutions across the country, warning them against withholding information from students regarding the disbursement of their approved loans. According to the agency, some schools have received payments from NELFUND meant to cover student fees but have failed to notify the beneficiaries or reflect the payment in their records, continuing instead to demand payment directly from the students.
This alarming trend has prompted NELFUND’s Managing Director and Chief Executive, Akintunde Sawyerr, to speak out strongly. He condemned the actions of these institutions, stressing that it not only breaches ethical standards but also undermines the core purpose of the student loan program. Sawyerr emphasized that such practices are completely unacceptable and vowed that institutions found culpable would face strict consequences, including possible legal action.
The student loan initiative was established to ensure that no Nigerian student is denied access to higher education due to financial constraints. By providing financial support directly to institutions on behalf of eligible students, NELFUND aims to lift the burden of school fees from students and their families. The fund’s structure is designed to streamline payment processes and create an efficient, transparent financial support system. Therefore, any institution that withholds this information or fails to apply the funds correctly is actively working against the program’s mission.
NELFUND further explained that institutions have a duty to acknowledge when student loans are paid to them and to immediately reflect this in the students’ financial records. Any delay or failure in doing so not only confuses students but also risks eroding public trust in the entire loan system. The fund reiterated its commitment to closely monitor disbursements and follow up with institutions to confirm that funds are appropriately allocated.
Sawyerr also used the opportunity to call on institutions to operate with integrity and cooperate fully with NELFUND. He encouraged school administrators to remember the broader goal of the initiative, which is to expand educational access and reduce dropout rates due to financial hardship. He added that collaboration and transparency are key to the success of the student loan program.
The warning comes at a time when many students across Nigeria are depending on the loan program to continue their education. As the academic year progresses, NELFUND is intensifying efforts to ensure that all disbursements reach their intended recipients and are utilized correctly.
In conclusion, NELFUND reassured the public of its unwavering commitment to fairness, accountability, and educational support for Nigerian students. The agency urged institutions to align themselves with these values by acting responsibly and supporting students in every way possible. Moving forward, institutions that fail to comply with proper procedures risk sanctions, as the fund is determined to protect the rights and interests of students nationwide.
