All You Need To Know About Students Loan Recently Signed Into Law | READ DETAILS

President Bola Tinubu on Monday, June 12, 2023, signed the Students Loan Bill into law.

Here are things to know about the students loan law:

1. The Act provides an interest-free loan for indigent students in which beneficiaries will only pay back the exact amount they collect.

2. The Act offers loans for poor students seeking higher education in public universities, polytechnics and colleges of education in the country.

3. 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.

4. The loan shall be accessible to only indigent students studying within Nigeria and it’s for the payment of tuition fees alone.

5. The Act states that there shall be the creation of a Nigerian Education Bank with the aim to offer education for all Nigerians in matters pertaining to loans.

The student loan bill, which was sponsored by Femi Gbajabiamila, was titled ‘A Bill for an Act to provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act to provide education for Nigerians and other purposes connected thereto.’

It passed second reading at the House of Representatives on May 25, 2023.

The Students Loan Bill recommended two years imprisonment or N500,000 fine or both, for students who default in repayment or anyone found aiding defaulters.