NELFUND Warns Institutions Against Withholding Student Loan Refunds, Arbitrary Fee Hikes

NELFUND Warns Institutions Against Withholding Student Loan Refunds, Arbitrary Fee Hikes

The Nigerian Education Loan Fund (NELFUND) has warned tertiary institutions across Nigeria against withholding student loan refunds due to beneficiaries or using the student loan scheme as a basis for increasing tuition and other institutional fees.

The agency said institutions that have already received tuition payments on behalf of students who had previously paid their fees must promptly refund the affected students. It stressed that failure to do so undermines the objectives of the student loan programme and places unnecessary financial burdens on beneficiaries.

NELFUND also cautioned school authorities against introducing arbitrary fee increases or exploiting the loan scheme to impose additional charges on students, noting that the programme was created to improve access to higher education rather than justify higher education costs.

According to the fund, reports of delayed refunds and unexplained fee adjustments by some institutions have raised concerns, prompting the warning. It urged all participating institutions to comply with the operational guidelines governing the scheme and ensure transparency in the management of students’ financial obligations.

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The agency reiterated its commitment to protecting the interests of beneficiaries and maintaining the integrity of the student loan programme. It added that institutions found violating the guidelines could face appropriate sanctions in line with applicable regulations.

NELFUND encouraged students who experience difficulties in obtaining refunds or who suspect irregularities in the implementation of the loan scheme to report such cases through its official complaint channels for prompt investigation and resolution.

The fund reaffirmed that the student loan initiative is designed to ease the financial burden on students and expand access to quality tertiary education, urging all stakeholders to support its successful implementation through accountability and strict compliance with established procedures.

 

NELFUND Warns Institutions Against Withholding Student Loan Refunds, Arbitrary Fee Hikes