The President of the Federal Republic of Nigeria, Senator Bola Tinubu (GCFR) today signed into law, Tlthe 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 sponsored by the speaker of the House of Representatives and Chief of Staff to the President, Rt Hon Femi Gbajamila in 2019.
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 Bill (now law) seeks the establishment of the Nigerian Education Fund, domiciled with the Central Bank of Nigeria (CBN) from which qualified applicants can access education loans through the commercial banks in the country.
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.”
In keeping to his campaign promise, interest and quest in ensuring access to higher education, President Bola Ahmed Tinubu signed the legislation that will guarantee access to quality higher education by qualified Nigerians.
Soj news reveals, Students applying for loan under this Act must apply to the Chairman of the Bank through their respective institutions upon satisfaction of the following conditions:
Student must have secured admission into any public Nigerian (University,Polytechnic, COE or TVET school).
Applicant income or family income must be less than N500,000 per annum;Applicant must provide at least two civil servants as guarantors: of not less than level 12 years in service; or a Lawyer with at least 10 years post-call experience; a Judicial officer; or a Justice of Peace.
Students who have defaulted in previous loans; found guilty of exam malpractices, felony, drug offenses will not be considered.
Students with parents who have defaulted in respect of previous loans will not be considered.
All Applications will be submitted through the Students Affairs Office of each Institution via a list of all qualified applicants from the institution accompanied by a cover letter signed by the Vice Chancellor or Rector or the head of the institution and the student affairs.
Any beneficiary of the loan to which this Act refers shall commence repayment two years after completion of the National Youth Service Corps programme.
Repayment shall be by direct deduction of 10% of the beneficiaries salary at source by the employer.
Where the beneficiary is self employed, he shall remit 10% of his total profit monthly to the Students loan account to be prescribed by the Bank.
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