How Institutions Collect Loans For Students, Refuse To Remit, NELFUND

The Nigerian Education Loan Fund (NELFUND) has raised the alarm on some institutions which receive student’s; loans disbursements and refuse to remit to such students.

It has thus threatened legal action against institutions found to have failed to inform students of loan disbursements made on their behalf.

NELFUND is particularly angry that some such institutions still go ahead to demand ]payment of institutional fees from the same students

Some institutions were found to have failed to inform students of loan disbursements made on their behalf while still demanding payment of institutional fees from the same students.

In a statement he signed yesterday, the Managing Director and Chief Executive of the NELFUND,Mr. Akintunde Sawyerr described the act as not only unethical but also a direct

“We will not hesitate to take legal action against any institution found engaging in such deceptive practices.”

“Recent findings by NELFUND have revealed that some institutions, after receiving student loan disbursements directly into their accounts, have neglected to notify the affected students or reflect the payments in their school fee records, creating unnecessary confusion.

“This act of withholding critical financial information from students is not only unethical but a direct violation of the principles upon which NELFUND was established.

“We will not hesitate to take legal action against any institution found engaging in such deceptive practices,” he reiterated.

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According to him, e MD NELFUND’s mission is to expand access to higher education by relieving the financial burden on Nigerian students and their families.

This he said, is in line with the vision of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Calling on institutions to uphold transparency and work collaboratively with the Fund in ensuring the efficient delivery of this national mandate, he stated:

“NELFUND exists to ensure no eligible Nigerian is denied the opportunity to pursue higher education due to lack of funds.

“We urge institutions to support this noble cause and avoid any actions that could undermine public trust or deny students their rightful support,” he said.

“The Fund reassures students and the public of its commitment to accountability, fairness, and the successful implementation of the student loan scheme across the country,” he added.