By The long-awaited Student Loan Bill, championed by former Speaker of the 9th House of Representatives, Femi Gbajabiamila, has finally become law, following its passage by lawmakers in late May 2023.
With the objective of making higher education more accessible to all, Gbajabiamila first called upon the Education Bank in November 2022 to offer interest-free loans to students in tertiary institutions.
Here are some things you should know about the bill:
Establishment of the Nigerian Education Bank, responsible for supervising, coordinating, administering, and monitoring student loans across Nigeria.
Stringent screening process to assess applicants’ eligibility for the loan, ensuring compliance with the required criteria.
Eligibility extended to students enrolled in all higher institutions across the country.
Provision of funds for various education-related expenses, encompassing textbooks, research, and other academic necessities.
Limited to students pursuing their education within Nigeria.
Introduction of penalties, including potential jail terms, for defaulters failing to repay their student loans.
Repayment obligations to commence two years after completion of the National Youth Service Corps Scheme.
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