By Ayodimeji Falade
Students can have access to education loans from the federal government’s established education banking system, as approved by the senate earlier this month.
IkejaBird looks at stunning facts about this newly approved student loan bill
— The student loan bill was proposed in 2019 by the speaker, house of representatives, Hon. Femi Gbajabiamila.
— The bill was approved by the senate, on November 22, 2022, after been passed by the House of Representatives.
— The bill seeks to establish the first Nigeria Education bank, that monitors and disburses student loans to Nigerian students in higher institutions of every state in the federation.
— It will be an interest-free loan, that seeks to provide financial cover for struggling parents and students.
— The student loan will only be available as a tuition fee exhaustively.
— This student loan is only meant for students in tertiary institutions as such eligible students must present the necessary documents.
—Students will also have to bring two guarantors who are members of a civil service or a lawyer who has practiced for a long period.
— Students are required to pay back two years after the completion of their one year compulsory National Youth Service Corp (NYSC).
— Students with criminal records will not be eligible for the loan.
— The bill is at the final stage, and clearance from President Muhammadu Buhari, will kick start the loan immediately.
The student loan will be a known replica of the student loan system that exists in advanced countries in the world, like the US and Europe among others.
It’s the first of its kind in Nigeria, and will go a long way in assisting many with low incomes.
