Quick fact about the new student loan 

Checks shows the bill seeks the establishment of the Nigerian Education Bank, which shall have powers to supervise, coordinate, administer, and monitor the management of student loans in Nigeria

The board will also receive applications for student loans through higher institutions in Nigeria on behalf of the applicants, screen the applications to ensure that all requirements for the grant of students’ loan under the Act are satisfied.

In the copy sighted by The Nation, “The bank shall also have the powers to approve and disburse the loan to qualified applicants; control and monitor and coordinate the students’ loan account/fund and ensure compliance in respect of disbursement; monitor academic records of grantees of the loan to obtain information on their year of graduation, national service, employment to ensure that grantees of the loan commence repayment of the loan as at when due, among other functions.

“The Bill provides that notwithstanding anything to the contrary contained in other enactments, all students seeking higher education in any public institution of higher learning in Nigeria shall have an equal right to access the loan under this Act without any discrimination arising from gender, religion, tribe, position or disability of any kind.

The bill will enable Nigerian students access loans at interest-free rates.

It is also expected to see the establishment of an education bank.

In November 2022, the bill was passed by the National Assembly.

The bill was sponsored by Hon Femi Gbajabiamila.

“The loan referred to in this Act shall be granted to students only for the payment of Tuition fees. The grant of the loan to any student under this Act shall be subject to the students/applicant(s) satisfying the requirements and conditions set out under this Act.”

Here are things to know before applying for student loan:

1. Students applying for loan must apply to the Chairman of Nigerian Education Bank through their respective institutions.
2. They must have secured admission into any of the Nigerian Universities, Polytechnics, Colleges of Education or any vocational school established by the Federal Government or the government of any state of the Federation.