President Tinubu has signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
This comes after separate considerations by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and TETFund.
The Bill sponsored by Senator representing Ekiti Central Senatorial District of Ekiti State, Bamidele Opeyemi aims to improve the execution of the Higher Education Student Loan Scheme in Nigeria by tackling issues related to the management structure of the Nigerian Education Loan Fund, applicant eligibility criteria, loan purposes, funding sources, and procedures for disbursement and repayment.
The bill as gathered by this medium will eliminate the income-based eligibility criterion set by the existing law, which required an annual income of less than N500,000 for applicants or their families.
The Bill also broadens the scope of eligibility, allowing students from federally or state-established tertiary institutions and government-approved vocational institutions to apply, with specific criteria to be determined by the Fund.
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