Student loan refunds: NELFUND moves against defaulting institutions

The Nigerian Education Loan Fund (NELFUND) has initiated action against tertiary institutions accused of improperly withholding refunds owed to students. These students had already paid their tuition fees before NELFUND disbursed funds directly to the institutions on their behalf.

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The Nigerian Education Loan Fund has noted with concern reports of some tertiary institutions delaying or refusing to refund students whose tuition fees had already been paid before NELFUND disbursements, as well as arbitrary increases in tuition and other institutional charges.

NELFUND issued a public notice condemning these practices, as well as reports of arbitrary increases in tuition and other institutional charges. The fund emphasized that such actions undermine the core objectives of the student loan program, which aims to remove financial barriers to higher education, not create additional burdens.

"The Nigerian Education Loan Fund has noted with concern reports of some tertiary institutions delaying or refusing to refund students whose tuition fees had already been paid before NELFUND disbursements, as well as arbitrary increases in tuition and other institutional charges," the statement read.

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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 fund is actively engaging with the affected institutions and relevant authorities to ensure that eligible students receive their rightful refunds. NELFUND also stressed the importance of maintaining fair, transparent, and consistent institutional charges that align with the scheme's objectives. The organization reiterated its commitment to protecting students' interests and preserving public confidence in this significant national initiative.

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NELFUND is engaging the affected institutions and relevant authorities to ensure that due refunds are made to eligible students and that institutional charges remain fair, transparent, and consistent with the objectives of the Scheme.

Complaints from beneficiaries of the student loan scheme have highlighted delays in processing refunds, even after institutions confirmed receipt of payments from NELFUND. The student loan scheme, a key initiative of President Bola Tinubu's administration, seeks to enhance access to higher education through interest-free loans.

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NELFUND remains committed to protecting the interests of students and preserving the integrity of this landmark national intervention.