The federal government has eliminated the eligibility clause requiring applicants to provide a guarantor and declare their family income in the re-enacted student loan policy. President Bola Tinubu enacted the policy in June 2023 to grant interest-free loans to needy students. The previous policy was heavily criticized for its stringent requirements, which made it inaccessible to indigent students. In March, the president requested the repeal and reenactment of the law, effectively removing the guarantor and income declaration requirement.
The re-enacted student loan policy of the federal government has eliminated the eligibility clause requiring applicants to provide a guarantor and declare their family income.
Ajuri Ngelale, the special adviser to the president, said the repealed Student Loan Act of 2023 had challenges bordering on governance, management, purpose, eligibility criteria for applicants, method for application, repayment provisions, and recovery of the loans. Representatives of universities, polytechnics, colleges of education, students of tertiary institutions, and the organized private sector also have a place on the board.
It removed the clause requiring applicants to declare their family income. This is so students can apply for loans and accept responsibility for repayment according to the fund’s guidelines.
Federal Government Student Loan Policy Eligibility Clause Guarantor Family Income President Bola Tinubu Interest-Free Loans Indigent Students Stringent Requirements Repeal Reenactment
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