Students benefiting from the Nigeria Education Loan Fund (NELFUND) have expressed mixed feelings about the scheme, welcoming the financial relief it provides while raising concerns over rising tuition fees, repayment obligations and disparities in the amounts reflected on the loan platform.
Speaking with Newsmen, several beneficiaries said the student-loan programme had helped them remain in school during periods of financial difficulty, but warned that increasing university charges could undermine its intended benefits.
A serving NYSC member identified as Azim described his experience with NELFUND as a combination of relief, hesitation and responsibility.
According to him, the financial pressure of university education was initially manageable when he was in 100 level at the University of Ibadan, where school fees were between about N20,000 and N50,000.
He said the situation changed significantly by 400 level, when his fees rose to between N100,000 and N150,000, making NELFUND an important source of support.
“Knowing that the funds eventually have to be repaid makes the support feel less like free financial assistance and more like an investment that must be accounted for,” Azim said.
He, however, expressed concern that students who rely on NELFUND throughout their university education could graduate with substantial repayment obligations.
“For a student who receives funding continuously from 100 to 500 level, repayment after graduation could represent a significant portion of their early-career income,” he added.
Another beneficiary, Adediran Babatunde, said NELFUND provided significant financial relief but raised concerns about increasing university fees.
He said fees that were approximately N28,000 when he was in 200 level had risen to more than N100,000 by 400 level, alongside increases in laboratory and studio charges.
Babatunde also alleged discrepancies between actual school fees and amounts displayed on the NELFUND platform, saying that in some cases, the platform reflected amounts substantially higher than the fees charged by the institutions.
He explained that students were unable to withdraw any excess amount reflected on the platform for other educational or personal expenses.
Similarly, another beneficiary, Bankole, described the loan as useful, particularly for students from financially disadvantaged backgrounds, but expressed concern about the debt accumulated by students who begin accessing the scheme from their first year.
He said graduates entering an uncertain labour market could face additional financial pressure from loan repayments.
A student of the Federal University, Oye-Ekiti, also raised concerns over an alleged increase in school fees following the introduction of the student-loan scheme.
The student said the institution had proceeded with a proposed 30 per cent increase in fees and introduced an additional service charge for payments.
“We’re given a resumption date of October 5, and we’re told there’ll be an extra service charge for our payments. I don’t know what the extra charge is about,” she said.
NELFUND was established to improve access to tertiary education by providing financial support to students who may otherwise struggle to pay their educational expenses.
The fund says its objective is to promote educational equity and help financially disadvantaged students begin and complete their studies without dropping out because of financial difficulties.
However, as the scheme expands, students and other stakeholders are calling for greater transparency in disbursement, clearer communication on repayment obligations and measures to address rising tuition fees.
The coming months are expected to provide further insight into whether NELFUND can continue to provide sustainable financial support to students while preventing beneficiaries from graduating with unmanageable debt.
