The Nigerian Education Loan Fund (NELFUND) has issued a stern warning against what it has labeled as a “fraudulent advertisement” regarding a purported ‘Federal Study Loan.’
This caution comes in response to advertisements appearing on various news platforms directing individuals to the website www.fedstudyloan-gov.ng, claiming it to be the application portal for the eagerly anticipated student loan scheme of the Federal Government.
In a statement released on Friday, Nasir Ayitogo, the Media and Public Relations Lead for NELFUND, clarified that the Fund has no affiliation with the mentioned website. Ayitogo strongly condemned any attempt to deceive students in need of financial assistance.
According to Ayitogo, the official channel for student loan applications by NELFUND, which will soon be open to the public, is www.nelf.gov.ng.
Ayitogo urged anyone who encounters the fake website to report it to the authorities promptly.
“NELFUND takes the security and well-being of our students very seriously and is committed to providing accurate information and resources for financing their education,” the statement emphasised.
The statement further encouraged all students to exercise caution and verify the legitimacy of any website or service claiming to represent NELFUND. Additionally, individuals affected by this scam were urged to report it immediately to the relevant authorities.
The warning from NELFUND comes following the signing of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law by President Bola Tinubu on April 3.
This legislation, an upgrade of the Access to Higher Education Act, 2023, aims to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution. It also establishes the Nigerian Education Loan Fund to handle all loan requests, grants, disbursements, and recoveries.
Despite initial announcements by the government regarding the launch of the scheme in September, it experienced several delays due to a review of the old law and the expansion of its mandate to cover loans for vocational skills.
The revised version of the Act allows for the appointment of a Chairperson, Managing Director, and two Executive Directors of Finance and Operations each to assist in the fund’s operations.
The Act grants the Loan Fund corporate entity status with the ability to enter contracts, including loan agreements with applicants, or to initiate enforcement actions to recover loans from beneficiaries; provisions it lacked previously.
