TOP STORY: Education fund, repayment method… five things to know about Student Loan Act | TheCable
The bill, which passed the third reading in the lower chamber on May 23, 2023, seeks to provide financial assistance to Nigerian students in tertiary institutions.
The new legislation allows Nigerian students in tertiary institutions to access interest-free loans from the Nigerian education loan fund.ALL STUDENTS SEEKING FEES ARE ELIGIBLE The piece of legislation mandates the body to receive applications for student loans through higher institutions on behalf of the applicants and screen them.
According to the act, students applying for loans must apply to the chairman of the education Fund through their respective institutions upon satisfying relevant conditions. “Any beneficiary of the loan to which this act refers shall commence repayment two years after completion of the NYSC programme,” the document said.
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