The Vice Chancellor of the University of Ibadan (UI), Professor Kayode Oyebode Adebowale, has cautioned students against obtaining education loans that may lead to default on repayment.
Professor Adebowale issued the warning on Wednesday during an engagement with officials of the Nigerian Education Loan Fund (NELFUND), members of the university management, and students.
Adebowale, who was represented at the event by the Deputy Vice-Chancellor (Administration), Professor Peter Olamakinde Olapegba, urged students to make responsible use of the loan scheme, warning that failure to repay could deny future generations access to similar opportunities.
He advised students not to apply for the loan if they were unlikely to repay it, warning that such actions could deprive future generations of the same opportunity. He urged them to act responsibly, stating that while it was easy to criticise leaders, those who took the loan and refused to pay it back were worse than the leaders they criticised. However, he expressed confidence that the university’s students would not behave in such a manner.
The Vice-Chancellor described the loan initiative as a welcome development, noting that it had opened up access to higher education for many who might otherwise be unable to afford it.
“In the past, many could not access university education due to financial constraints. This scheme has created a valuable opportunity that should be embraced,” he said.
He also dispelled the notion that university education is free in other countries, pointing out that students abroad often rely on education loans.
During the session, students appealed to NELFUND officials for prompt disbursement of both tuition loans and upkeep allowances.
In response, the Director of Monitoring and Evaluation at NELFUND, Mr Aliyu Mohammed, assured them that the Fund had introduced an automated system to ensure timely disbursement.
“With the updated automated system, delays will be eliminated. I can tell you that disbursements related to the data your institutions uploaded today will be completed within the next two weeks,” he said. “The system now ensures early loan approvals to prevent academic disruption.”
Mr Mohammed further revealed that NELFUND would soon introduce a USSD code, allowing students to check their loan status without logging into their dashboard.
“In the next two weeks, we will release a code similar to that used for checking mobile data balances. With this, you will be able to monitor your loan status more easily,” he explained.
He clarified that while tuition loans are compulsory for eligible students, upkeep loans remain optional. According to him, the Fund will disburse tuition payments directly to institutions and upkeep allowances to individual students, in line with the provisions of the NELFUND Act.
