Education
Student Loan Act :NANS seeks inclusion of grants for Nigerian students, five years repayment period
The National Association of Nigerian Students(NANS)has called for provision of study grants for Nigerian students in the for the establishment of the Nigeria Education Loan Fund (Nelfund).
President of NANS, Mr.
The public hearing was organised by Senate Committee on Education and TETFUND
and House of Representatives Committee on Student Loan, Scholarship and Higher Education Financing.
Emonele commended President Bola Tinubu for responding to request of NANS, by including its leadership as representatives of the students on the loan board.
He said the students also commends the decision to repeal the act to address gray areas that could hinder success of the students loan scheme.
According to him, there is need to make provision of grants for students, to enable them complete or further their studies.
This, he said would encourage more students to enroll in school and alleviate the burden that may be placed on the loans.
“If the Federal Government through the Tertiary Education Trust Fund (TETFund )could earmark N683 billion on public tertiary institutions in 2024, without requesting for payback from beneficiary institutions.
“Nigerian students should not be treated any different .”
He said the proposed repayment period of two years post -National Youth Service Corp(NYSC) for the loan was not realistic, saying that less than 10 per cent of Nigerian graduates get absorbed into the labour force upon completion of their NYSC.
The NANS President, therefore proposed for minimum of five years repayment duration , given the challenges of unemployment after graduation.
He also appealed that the provision of loan scheme should not be a further reason to arbitrary increments of school fees by management of tertiary institutions.
He urged the National Assembly to pass a resolution that prohibits public tertiary institutions from increasing school fees in the next 10 years.
This, he said was the only way to sustain the act when enacted.
Minister of Education, Prof. Tahir Mamman commended President Bola Tinubu for his passion and commitment toward the education sector.
He said the president do not want any child of school age to be out of school, given his passion for the sector.
He said the public hearing would provide an opportunity to make further input to improve the bill for the good of Nigerian students.
Sen.Muntari Dandutse, Chairman of the Committee said access to quality higher education was a pressing concern for many Nigerian students.
He said the students loan scheme offers hope for addressing issues of students and ultimately improve Nigeria’s tertiary education.
He said the scheme would promote access to education and enable more students to pursue their dreams.
Dandutse said its successful implementation would unlock a brighter future for the youths and the entire nation.
” By removing financial barriers, these initiatives will enable more students to pursue higher studies, leading to a larger pool of skilled graduates who contribute to the country’s social and economic development. Increased literacy rates fosters economic growth, social progress, and democratic participation.”
He urged all stakeholders to make valuable inputs to effect the positive change on the act and drive progress in the nation’s tertiary education sector.
Other stakeholders at the public hearing includes officials of the Central Bank of Nigeria (CBN),Ministry of Education, Federal Ministry of Youth Development, Federal Inland Revenue Services (FIRS),Joint Admissions and Matriculation Board (JAMB)among others.