President Bola Tinubu has signed the Students Loan Bill into law as one of the fulfilment of his promises to revitalise education.
The newly signed Act will enable indigent students to access federal government loans to fund their educational pursuit or career.
The requirements that indigent Nigerian students must meet to be eligible for the Students Loan are as follows;
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- The student applicants applying for loans under the Act shall apply to the Chairman of the Nigerian Education Bank through their respective institutions upon satisfaction of the following conditions.
- The student applicants 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 Stale of the Federation.
- The student applicants’ income or family income must be less than N500,000 (five hundred thousand naira) per annum.
- The student applicants must provide at least two guarantors: each of the guarantors must be a civil servant of not less than level 12 in the service; or a lawyer with at least 10 (ten) years post-call experience; a Judicial officer; or a Justice of the Peace.
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