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Nigeria: Student Loan - Everything You Need to Know

  • 📰 allafrica
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Africa News

President Bola Tinubu a couple of days ago signed a pivotal piece of legislation into law aimed at transforming tertiary education financing in Nigeria.

Dubbed 'Access to Higher Education Act, 2024' or the Student Loan Act 2024, this law introduces an interest-free loan system for Nigerian students seeking higher education.

3. Empowers the Fund to provide loans to qualified Nigerians for tuition, fees, charges, and upkeep during their studies in approved tertiary academic institutions and vocational and skills acquisition institutions in Nigeria. 6. Separates the governance functions from the management operations of NELFUND by establishing a board of directors with a chairman and a secretary.

* Removes the guarantor requirement so that students can apply for and receive loans subject to application and identity verification guidelines as provided by the Fund.* Establishes a justice and fairness provision mandating the Board to ensure a minimum national spread of loans approved and disbursed in each financial year.There was a problem processing your submission. Please try again later.

 

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Nigerian President Signs New Student Loan Bill Into LawMr Tinubu signed the repealed version in June last year and promised implementation would take off in September but it failed.
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