The Student Loan Bill was swiftly signed into law by President Bola Tinubu during the early days of his administration. However, widespread criticism from various educational stakeholders, including ASUU, ASUP, NANS, and NAPTAN, caused significant challenges in its implementation. The opposition prompted several postponements of the scheme’s launch.
Responding to pressure, President Tinubu sent letters to the Senate and House of Representatives, urging a repeal of the law and proposing a new bill to address perceived flaws and introduce fresh ideas.
The revised bill, signed into law by Tinubu recently, introduces several key changes:
1. The requirement for a beneficiary’s family income not to exceed N500,000 has been eliminated. Instead, students seeking benefits need only provide their NIN, BVN, and proof of enrollment.
2. The necessity for a guarantor, previously mandated to be a lawyer, Justice of Peace, or cleric, has been scrapped.
3. Beneficiaries can now apply for loans to cover school fees, hostel fees, or personal expenses.
4. Adjustments have been made to the repayment period. If a beneficiary is unable to find employment two years after graduation, they can submit a sworn affidavit to the board stating their situation. However, providing false information will result in prosecution.
5. In cases of accident or death, forgiveness provisions have been incorporated after thorough investigation.
Student loan
6. An innovative addition to the law is the incorporation of the Technical and Vocational Education Scheme (TVES). This allows students and apprentices in registered TVES schools or organizations to apply for loans, aiming to address the shortage of skilled labor in various sectors.
In conclusion, Tinubu emphasized that including artisans in training programs registered with the government will help bridge the manpower gap in critical areas like mechanic workshops.
Source: Vanguard.ng
