President Bola Tinubu has signed the Students Loan Bill into law, providing indigent students with access to federal government loans for their educational pursuits or careers.
The Students Loan Bill will help students who are unable to afford the high cost of education to access loans from the government.
Here are all you need to know about the bill that was signed on Monday:
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The Act provides an interest-free loan for indigent students in which beneficiaries will only pay back the exact amount they collect.
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The Act offers loans for poor students seeking higher education in public universities, polytechnics, and colleges of education in the country.
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The Act enables all indigent 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.
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The loan shall be accessible to only indigent students studying within Nigeria and it’s for the payment of tuition fees alone.
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The Act states that there shall be the creation of a Nigerian Education Bank to offer education for all Nigerians in matters about loans.
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The Nigerian Education Bank will supervise, coordinate, administer, and monitor the management of student loans in Nigeria.
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Applicants will go through screening to determine whether they meet the requirements for the loan.
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Students in all the higher institutions are eligible for the loan.
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It provides funds for all education-related matters, including textbooks, and research.
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There will be jail terms for student loan defaulters.
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The repayment of the loan will begin two years after the National Youth Service Corps Scheme is completed.
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The loans will be disbursed through the Central Bank of Nigeria(CBN).
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