Student’s loan disbursement, September.

Students Loan.

President Bola Tinubu has approved the constitution of an inter-ministerial committee to take off the Student loan scheme.

Tinubu also directed that the first beneficiaries receive their loan by September- October.
The Permanent Secretary, Federal Ministry of Education, Mr David Adejo, stated this in Abuja while providing insights into the student loan scheme.

Steps to access the student loan.

To ensure that everyone, including the less privileged in society, The Federal Government introduced different student loan schemes to ensure that Nigerians, the less privileged, have access to higher education, but the schemes are now defunct.

Some of the previous schemes include the Students Loans Board and the Nigeria Education Bank.

Some of the issues that led to the failure of the previous efforts, according to the permanent secretary Federal Ministry of Education, Mr David Adejo include, are the alarming rate of loan defaulters and the loans getting into the wrong hands.

Student’s loan disbursement, September.

“The Act ensures that every Nigerian can access higher education through the Higher Education Nigerian Bank.

“Learning from past mistakes, the bank will not be the type that will sit down and collect loan applications; it will also perform normal banking functions and make sure loans are given because we had loan recovery cases in the past.

“The Act, as it is, tells us the process, but as I speak with you today, the President has approved the committee of the Ministries and agencies, and their meeting will be coming up 20th of June.

“The President has also directed that by September to October of this 2023/2024 academic session, he wants to see recipients of these loans. So it is a solemn march for us. So, between now and then, we have to figure out the process for people to get the loan,” he added.

Mr Adejo said the issues and others would be corrected by the inter-ministerial committee to develop the operational guidelines for the Nigerian Education Bank.

Mr Adejo explained that the loan is for the completion of higher education, and the repayment plan is after a beneficiary secures a job after the compulsory one-year service.

The Permanent Secretary stressed that the interest-free loan is not for tuition alone as it is expected to see beneficiaries through school.

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