How and What is Needed to get the Newly Approved Student Loan

President Bola Tinubu Signs Students Loan Bill, Expanding Access to Education for Financially Disadvantaged Students

Below are the advantages of the Students Loan Act for Nigerians::

1. The Act provides an interest-free loan for indigent Nigerian students in which beneficiaries will only pay back the exact amount they collect.
2. The Act offers loans for indigent Nigerian students seeking higher education in government-owned universities, polytechnics and colleges of education in the country.
3. The Act enables all indigent Nigerian students to have equal rights to access the loan without any form of discrimination arising from gender, religion, tribe, position or disability of any kind.
4. The Act states that the loan shall be given to indigent Nigerian students only for the payment of tuition fees.

5, The Act stipulates that there shall be the establishment of a Nigerian Education Bank with the objective to provide education for all Nigerians in matters pertaining to loans:

To be eligible for the Students Loan, indigent Nigerian students must meet the following prerequisites:

1. The student applicants applying for loans under the Act shall apply to the Chairman of the Bank through their respective institutions upon satisfaction of the following conditions.
2. The student applicants must have secured admission into any of the Nigerian universities, polytechnics, colleges of education or any vocational school established by the Federal Government or the government of any Stale of the Federation.
3. The student applicants’ income or family income must be less than N500,000 (five hundred thousand naira) per annum.
4. The student applicants must provide at least two guarantors: each of the guarantors must be a civil servant of not less than level 12 in the service; or a lawyer with at least 10 (ten) years post-call experience; a Judicial officer; or a Justice Peace.

The significance of education as a catalyst for the economic progress and advancement of a country is widely acknowledged, and the implementation of this Act championed by the Speaker of the 9th national assembly, Hon. Femi Gbajabiamila will serve as a pivotal step towards the comprehensive reform of Nigeria’s educational system.