Latest Update On Student Loan Bill Today Friday 30th June 2023

The Federal Government has announced the anticipated dates for the disbursement of student loans, which are expected to commence between September and October 2023. David Adejo, the Permanent Secretary of the Federal Ministry of Education, revealed these details to reporters in Abuja while discussing the new Student Loan Act.

As part of the implementation process, a committee comprising ministries and agencies has been approved by the President, with a meeting scheduled for June 20. President Tinubu has directed that recipients of these loans should be visible by September to October of the ongoing academic session (2023–2024). This reflects the administration’s commitment to expediting the loan disbursement process, emphasizing the importance of timely access to funds for aspiring students.

Here are eight key facts about the new student loan law in Nigeria:

1. All applicants must apply through the Chairman of the Bank and the Student Affairs Office of their respective institutions, including universities, colleges of education, polytechnics, or vocational schools established by the Federal Government or any State Government.
2. The applicant’s income or family income should be less than N500,000 per annum.
3. Each applicant must provide two guarantors who meet specific criteria, such as being a civil servant with at least 12 years of experience, a lawyer with at least 10 years post-call experience, a judicial officer, or a Justice of Peace.
4. Students can be disqualified if they or their parents have defaulted on any previous loans, have been convicted of drug-related offenses or felonies involving dishonesty or fraud, or have been found guilty of exam malpractices by any school authority.

President Tinubu’s signing of the Student Loan Bill aligns with his commitment to reforming the education system in Nigeria and finding new ways to fund tertiary education. By granting universities financial autonomy, his administration aims to explore alternative sources of financing, including grants, corporate sponsorships, and tuition fees, with the objective of resolving the recurring strikes by the Academic Staff Union of Universities (ASUU) due to inadequate funding.

“I will initiate a new creative means of funding tertiary education by granting universities the financial autonomy to explore new sources of financing through grants, corporate sponsorship, tuition fees, etc.,” stated President Tinubu. He further emphasized the importance of collaboration among tertiary education stakeholders, including students, parents, the academic community, relevant unions, and the government.