Student Loans: National Assembly Passes Education Bank Bill
managarciya
The National Assembly passed the Students Loan Bill which would enable students in higher institutions of learning to gain more access to financial assistance.
The bill sponsored by speaker of the house of Representatives, Mr Femi Gbajabiamila, has the title ‘A Bill for an Act to provide for easy access to higher education for Nigerians through interest-free loans from the Nigerian Education Bank established in this Act with a view to providing education for all Nigerians and for other purposes connected thereto.’
The bill seeks the establishment of the Nigerian Education Bank which shall have powers to supervise, coordinate, administer and monitor the management of student loans in Nigeria and receive applications for students’ loan through higher institutions in Nigeria on behalf of the applicants, screen the applications to ensure that all requirements for the grant of such loans under the Act were satisfied.
The bank shall also have the powers to approve and disburse the loan to qualified applicants; control, monitor and coordinate the students’ loan account/fund and ensure compliance in respect of disbursement; monitor academic records of grantees of the loan to obtain information on their year of graduation, national service, employment to ensure that grantees of the loan commence repayment of the loan as at when due, among other functions.
