Details Of Student Loan Bill Signed By President Bola Tinubu

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President Bola Ahmed Tinubu has signed into law, The student loan bill, which provides for interest-free loans to indigent Nigerian students.

The ‘Students Loan (Access to Higher Education) Bill, 2019, a.k.a a Bill for an Act to provide for easy access to higher education for Nigerians through interest-free loans from the Nigerian Education Fund established in this Act was sponsored by Rt Hon Femi Gbajabiamila in 2019.

The bill was passed by the National Assembly in November 2022.

The bill seeks to make access to higher education for Nigerians through interest-free loans from the Nigerian Education Fund established in this Act with a view to providing education for all Nigerians and for other purposes connected thereto.

The law seeks the establishment of the Nigerian Education Bank from which qualified applicants can access education loans.

The Act provides that notwithstanding anything to the contrary contained in other enactments, all students seeking higher education in any public institution of higher learning in Nigeria shall have an equal right to access the loan under this Act without any discrimination arising from gender, religion, tribe, position or disability of any kind.

The loan referred to in this Act shall be granted to students only for the payment of Tuition fees. The grant of the loan to any student under this Act shall be subject to the students/applicant(s) satisfying the requirements and conditions set out under this Act.”

Applicants income or family income must be less than N500,000 per annum.

Applicants must provide at least two guarantors who must be civil servants of not less than Level 12 or a lawyer with at least 10 years post-call experience.

All applications must be submitted through the student affairs office.

President Tinubu, during his campaigns, had promised to make available student loans to ensure access to higher education by qualified Nigerians.


 

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