Following the outcry that greeted the modalities of the Student Loan Law, the Federal Government on Monday lifted the restrictions on it, enabling students to access loans for higher education. Students are delighted with the move. VICTOR BILLY (UNIBEN) reports.

When the Student Loan Bill was signed into Law by President Bola Tinubu on June 12, many praised the him for his resolve to make education accessible to all irrespective of tribe or creed.

However, a critical look at the modalities by stakeholders suggested it would not work.

To be eligible, an applicant’s income or family income must be less than N500,000 per annum.

Students must also provide at least two guarantors, each of whom must either be a senior civil servant on at least level 12, a lawyer with at least 10 years’ post-call experience, or a judicial officer, or a Justice of Peace.

Repayment begins two years after the completion of the participation in the National Youth Service Corps (NYSC) programme.

A beneficiary shall remit 10 per cent of their income to the Fund monthly. For the self-employed, 10 per cent of their monthly profit shall be remitted as part of the repayment plans.

Also, defaulters risk a N500,000 fine, two years’ jail term or both when they fail to repay.

But, on Monday, Tinubu approved the removal of restrictions on the student loan to make it available to any student or household that may desire it.

Following the lifting of the strict requirements, students praised the President for his commitment to education and for having listening ears.

Jeremiah Blessing, a 300-Level student at the Department of Mass Communication, University of Benin, Benin City, Edo State, said increasing access to student loans is crucial because it addresses the financial barriers that have limited many students’ educational aspirations.

With easier access to loans, more individuals from low-income backgrounds will have the chance to obtain a quality education and improve their prospects for a better future.

She noted that the recent move by the president to relax the student loan criteria is a significant step that brings great relief to the average Nigerians who are passionate about education but struggle to meet the previous requirements.

By making the criteria more accessible, it opens up opportunities for more students to pursue higher education, ultimately contributing to the development of the human capital and economy.

She said: “The recent move by the president to relax the student loan criteria brings great relief to the very average Nigerians who cannot in any way meet up and are passionate about education.

Source: https://ribdo.com/news/students-hail-tinubu-for-making-student-loans-more-accessible