The implementation of a Student Loan scheme in Nigeria has been greatly facilitated by the National Digital Identity system, making it easier for deserving students to access affordable and high-quality education, regardless of their financial background,” announced President Tinubu. The President emphasized the importance of the new law in ensuring equal educational opportunities for all students.
Source: MakeMoney.ng
As per the Student Loan Act, applicants or their families must not exceed an annual income of N500,000. The Nigerian Presidency emphasized that this initiative would grant Nigerian students an affordable and quality education, with the implementation being facilitated through the Nigerian Identity Number (NIN).
About the Student Loan Scheme
President Bola Tinubu and his Chief of Staff, Femi Gbajabiamila, disclosed this information in statements following the signing of the Act on Monday. President Tinubu expressed his satisfaction in signing the Access to Higher Education Act, which provides interest-free loans to deserving students nationwide who aspire to pursue tertiary education. He stated, “Through this Act, we will ensure that every deserving student has access to affordable and quality education, regardless of their financial background.”
Regarding the implementation of the Student Loan scheme, Tolu Ogunlesi, media aide to former President Buhari, highlighted the role of the National Identity Number (NIN) in streamlining the process. He stated, “The existence of a Digital Identity system (NIN) will significantly facilitate the implementation of the Student Loan scheme in Nigeria. This showcases how one policy lays the foundation for another. Nigeria’s NIN database recently surpassed 100 million records, a substantial increase from 7 million in 2015.
Femi Gbajabiamila expressed his excitement about President Bola Tinubu signing the “Student Loan (Access to Higher Education) Bill” into law. As the sponsor of the Bill in the House of Representatives, he expressed confidence in its ability to assist underprivileged students and families in harnessing the opportunities that higher education can provide.
Prospective students seeking the loan must follow specific steps to initiate their applications. These steps involve submitting their applications through their respective banks, along with a comprehensive set of required documents.
Eligibility of The Student Loan Scheme
Applicants must fulfill the conditions outlined in Section 17 of the Act to be eligible for the loan under the Students Loan Bill. These conditions include securing admission into accredited institutions such as Nigerian universities, polytechnics, colleges of education, or vocational schools established by the Federal Government or any state government. The applicant’s individual or family income must not exceed N500,000 per annum. Furthermore, each applicant must provide a minimum of two guarantors falling into specific categories, including civil servants of at least level 12, lawyers with a minimum of 10 years of post-call experience, judicial officers, or justices of the peace.
Conclusion
Certain circumstances render students ineligible for the loan under the Students Loan Bill. These disqualifying factors are outlined in the application process, which can be further explored for detailed information.
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