The Nigerian Education Loan Fund has said that accessing student loans is voluntary, urging tertiary institution students to apply only when they genuinely need financial assistance to pursue their education.

The clarification was contained in a statement signed by the Director of Strategic Communications, NELFUND, Oseyemi Oluwatuyi, in Abuja on Wednesday.

The fund explained that the student loan scheme was established to remove, “financial barriers to higher education and ensure that eligible Nigerian students were not denied educational opportunities because of financial constraints.”

It stressed that students who could afford their educational expenses were under no obligation to apply for or access the facility.

NELFUND said making the loans compulsory for all students, irrespective of their financial circumstances, would contradict the purpose of the scheme, which is to support those who need financial assistance rather than encourage indiscriminate borrowing.

“The student loan scheme is a support mechanism, not an obligation,” the fund stated.

It urged tertiary institutions, student leaders and other stakeholders to provide accurate information about the scheme and guide students who require financial support on how to access it.

The fund added that the facility was interest-free and intended to help beneficiaries overcome financial difficulties associated with pursuing higher education.

However, it cautioned prospective applicants that the loans came with repayment obligations in line with the provisions of the Student Loans Act, advising students to understand the terms and conditions before applying.

NELFUND maintained that its objective was to ensure that financial hardship did not prevent eligible Nigerian students from pursuing their educational aspirations.

The scheme is part of the Federal Government’s efforts to expand access to tertiary education by providing financial assistance to students who may struggle to meet the costs of their studies.

While the interest-free arrangement reduces the cost of borrowing, the fund’s latest clarification underscores the importance of ensuring that students understand that the facility is optional and that beneficiaries are expected to fulfil the applicable repayment requirements.

No fewer than 83 students of Joseph Ayo Babalola University, Ikeji-Arakeji, Osun State, will graduate with first-class honours among the 1,043 students expected to receive degrees at the institution’s convocation on Friday.

The Vice-Chancellor of the university, Prof Olasebikan Fakolujo, disclosed this on Monday while speaking on activities lined up for the institution’s 17th convocation and 20th anniversary.

According to him, 146 students will also receive postgraduate degrees and qualifications.

Giving a breakdown of the graduating students, Fakolujo said, “At this year’s convocation, Joseph Ayo Babalola University will present 1,043 graduates. Of these, 897 are first-degree graduates, while 146 are postgraduate graduates.

“Among the 897 first-degree graduates, 83 will receive first-class honours, 429 will receive second-class honours (upper division), 301 will receive second-class honours (lower division), 74 will receive third-class honours, and 10 will receive pass degrees.

“At the postgraduate level, we have 146 students, including 22 PhDs, 94 academic master’s degrees, 27 MBAs and three postgraduate diplomas.”

The vice-chancellor also disclosed that the university, which began operations with 246 students in February 2007, had awarded more than 10,000 undergraduate degrees.

“From a pioneer matriculating class of just 246 students in February 2007, JABU has, over its 20 years of operation, awarded 10,448 undergraduate degrees. Of these, 426 graduated with first-class honours, 3,730 with second-class honours, upper division, 4,928 with second-class honours, lower division, 1,336 with third-class honours, and 28 with pass degrees.

“In addition, the university has awarded more than 800 postgraduate degrees and qualifications, contributing to the development of advanced professional expertise, scholarship, research and leadership. But these are not merely numbers in our academic records; they represent 10,448 undergraduate journeys,” the vice-chancellor stated.

Fakolujo said the university’s graduates were excelling in various fields, including business, research, academia, public service, technology and finance.

He cited the performance of the institution’s Medical Laboratory Science and Nursing Science students in professional examinations as evidence of their academic preparedness.

“Internal results matter, but an important test is what happens when students are assessed beyond the university. Our Medical Laboratory Science students recorded 100 per cent success in their 2026 professional examinations, for the third consecutive year.

“Our Nursing Science students also recorded 100 per cent success in their 2026 registered midwife professional examination. Our law graduates continue to distinguish themselves at the Nigerian Law School,” he said.