The Nigerian Education Loan Fund (NELFUND) has drawn attention to Nigeria’s interest-free student loan scheme, comparing it with student financing arrangements in the United Kingdom, the United States, Kenya and Ghana.
In a post on its official X account, NELFUND Updates listed student loan interest rates at six per cent in the UK, eight per cent in the US, four per cent in Kenya and six per cent in Ghana, compared with zero per cent in Nigeria.
The fund described the Nigerian scheme as an initiative designed to expand access to higher education by reducing the financial challenges students face in funding their studies.
It also presented the programme as a significant intervention by the Federal Government to make tertiary education more accessible to eligible students.
However, the comparative interest rates and the claim that Nigeria is the only African country offering interest-free student loans require independent verification before being treated as established facts.
NELFUND Loan Disbursements Continue
Meanwhile, reports have highlighted recent student loan disbursements to beneficiaries at two tertiary institutions in northern Nigeria.
Nuhu Bamalli Polytechnic in Zaria, Kaduna State, reportedly received ₦5.54 million for 142 students, while Sokoto State University received ₦25.2 million for 491 students.
The disbursements come amid continuing reports from students at various institutions about delays, discrepancies in approved loan amounts and applications that remain pending or have been stopped.
At the University of Ilorin, one student reportedly found ₦66,800 reflected on the NELFUND portal against school fees of ₦151,806. At the Federal University of Agriculture, Abeokuta, another student reportedly saw ₦125,000 against institutional charges of ₦133,000.
A student of Ladoke Akintola University of Technology also reportedly complained that the upkeep section of the loan portal remained empty despite selecting the upkeep option during the application process.
Other reported complaints involved pending applications at Kwara State University, discrepancies in loan amounts displayed for students of the University of Calabar, and outstanding payments affecting students at Olabisi Onabanjo University.
These reports highlight concerns among some beneficiaries about the processing and disbursement of student loans, even as the programme continues to support students across participating institutions.
Students Advised Against Paying Agents
NELFUND’s support guidance states that applicants can request an upkeep allowance during their initial loan application but cannot add the option later.
Applicants have also been advised not to pay individuals who claim they can manage or process their loan portals on their behalf.
The student loan initiative is intended to provide financial assistance to eligible students in public tertiary institutions, covering approved institutional charges and upkeep allowances where applicable.
Students experiencing application or payment difficulties are encouraged to use NELFUND’s official support channels to seek clarification and resolve issues with their applications.
The fund’s interest-free lending arrangement remains a key feature of the programme, although questions about application processing and the timely release of funds continue to feature in students’ experiences.
