The Nigerian Education Loan Fund (NELFUND) has expressed strong concerns over unethical practices reportedly perpetrated by some tertiary institutions in relation to the student loan scheme.
According to NELFUND, certain institutions have been receiving student loan payments directly into their accounts but have failed to inform the students or update their fee records accordingly.
This situation has led to instances where students, unaware that their fees had already been paid through the loan scheme, were still being asked to make payments.
This disturbing trend came to light on Thursday and has prompted NELFUND to issue a stern warning, with the Managing Director and Chief Executive, Mr. Akintunde Sawyerr, emphasising the Fund’s readiness to pursue legal action against defaulting institutions.
In a statement released on the matter, Sawyerr stressed the gravity of these actions, noting they run contrary to the objectives and values that NELFUND upholds. “Recent findings by NELFUND have revealed that some institutions, after receiving student loan disbursements directly into their accounts, have neglected to notify the affected students or reflect the payments in their school fee records, creating unnecessary confusion.
“This act of withholding critical financial information from students is not only unethical but a direct violation of the principles upon which NELFUND was established.
“We will not hesitate to take legal action against any institution found engaging in such deceptive practices,” he reiterated.
via: Information Nigeria
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