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In an exciting development, President Bola Ahmed Tinubu is preparing to officially launch the student loan scheme in Abuja on February 21.
The initiative, as reported exclusively by TheCable, aims to provide financial assistance to Nigerian students enrolled in higher institutions, with the goal of promoting access to education for all.
The student loan scheme boasts several key features. One of its highlights is a flexible repayment plan, which will begin two years after the completion of the National Youth Service.
This will allow graduates to establish themselves before commencing loan repayments.
Additionally, the scheme will include qualified individuals with informal education and students from private universities, ensuring that a wide range of students can benefit from the program.
During the initial phase, the student loan scheme will be limited to current university students.
However, there are plans to expand its scope in subsequent phases, accommodating more students in the future.
The launch, which was previously on hold, has been meticulously planned to ensure a smooth and effective rollout. The administrative and logistical infrastructure has been perfected to guarantee the success of the program.
One notable aspect of the student loan scheme is its technology-driven application process. This eliminates potential avenues for graft, bias, and prejudice that are often associated with human interaction.
The application portal, set to be unveiled at the launch, will require applicants to provide basic personal data, including their national identification number (NIN), bank verification number (BVN), and JAMB number for seamless verification.
Loans will be disbursed directly to schools through the Nigerian Education Loan Fund (NELFUND)’s single treasury account at the Central Bank of Nigeria (CBN), bypassing intermediaries like commercial banks and finance houses.
To ensure transparency and accountability, a special committee comprising key figures from relevant sectors will oversee the loan disbursement process.
The Student Loans (Access to Higher Education) Act, passed by the National Assembly in 2023, paved the way for this initiative.
President Tinubu signed the act into law on June 13, 2023, demonstrating the government’s commitment to enhancing educational opportunities for Nigeria’s youth.
