NANS begs lawmakers to modify Student Loan Act

Usman Barambu, the president of the National Association of Nigerian Students (NANS) has urged members of the House of Representatives to modify the Student Loan Act to make it easier for Nigerian students to obtain loans.

He made the plea at a legislative summit of the ad hoc committee on student loans and access to higher education held on Thursday in Abuja.

The leader of the students made note of the absence of student representatives on the board of the Students’ Loan.

Barambu also added that, in addition to the National Universities Commission, polytechnics and institutes of education should also have equal representation.

According to the Act, students have two years to pay back their loans after completing the National Youth Service Corps, which is a requirement.

However, Barambu questioned the deadline by saying that “it should be revised to 4 to 5 years,” adding that the Act made no provision of “forgiveness” in case a defaulter dies.

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He said, “Student loan is for us, and in the board, no student representation on the board. The board only captured NUC sidelining the polytechnic and colleges of education, they should all be inclusive for fairness and equity.

“Also, the method of payment should be looked into as most students are not able to find their ground financially two years after graduation, it should be revised to 4 to 5 years. The act also gives no room for forgiveness in cases of death, especially for security officers. That should also be looked into.”

He also requested that the list of guarantors to access loans be looked into, noting that most students will not be able to meet the guarantor requirement.

The Student Loan Bill was proposed by the former speaker of the 9th House of Representatives, Femi Gbajabiamila, and it was passed by the lawmakers in late May 2023.

In November 2022, Gbajabiamila urged the Education Bank to provide interest-free loans to students in tertiary institutions in order to make funding education at that level more accessible to all.

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