What is Tinubu Student Loan Bill in Nigeria? | History and Requirements

Education is one of the most powerful ways to change your life, especially for Nigerian students. However, covering school expenses can be difficult. Fortunately, the Nigerian government offers the Tinubu Student Loan Bill to lessen the financial load of students studying in Nigeria.

On June 12, 2023, President Tinubu signed the Student Loan Bill into law, enabling Nigerian students to apply for loans at interest-free rates.

This article will provide everything you need to know about Tinubu student loan acts and bills in Nigeria. It will also assist you in determining your eligibility and walk you through the application procedure step-by-step.

By the time read to the end, you’ll be fully aware of how to obtain the funding for your courses and career.  Read on to find out how to take the next step towards your future.

What You Need to Know About the Bill

The Bill addresses concerns with the Nigerian Education Loan Fund’s management structure, applicant eligibility requirements, loan objectives, finance sources, loan disbursement and payback procedures, to improve the Higher Education Student Loan Scheme’s execution.

“A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund (NELFUND) as a body corporate to receive, manage, and invest funds to provide loans to Nigerians for higher education, vocational training and skills acquisition and related matters” is the title of the executive bill on the education bill.

NELFUND, a corporate body established by the proposed Bill, is authorized to own, purchase, and dispose of real estate to fulfil its goal. Furthermore, it can bring legal action on its behalf and as a plaintiff.

The Tinubu Bill states that the Fund will have the authority to lend money to qualified Nigerian students to pay for living expenses, tuition, fees, and other expenditures related to attending higher education schools that are authorized.

See also: How to Apply for Student Loans in Nigeria | Step-by-Step Guide

Tinubu Student Loan Bill in Nigeria

President Bola Tinubu has signed the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill 2024 into law, marking a significant step toward democratizing access to higher education in Nigeria.

This important law addresses financial obstacles that have long prevented many Nigerians from attending tertiary institutions of higher learning to study courses of interest.

Recall that on June 12, 2023, President Bola Tinubu signed the Student Loan (Access to Higher Education) Act 2023 into law.

This Act established the Nigerian Education Loan Fund (NELFUND) to oversee, coordinate, manage, and keep an eye on Nigeria’s student loan administration process.

A special committee led by the governor of the Central Bank of Nigeria (CBN) was responsible for overseeing the Fund’s management. The governor designates a secretary to help make the committee’s executive decisions.

But the Students Loans (Access to Higher Education) (Repeal and Re-Enactment) Bill 2024 was put forth to address several issues with the Student Loan (Access to Higher Education) Act 2023 that were found to exist.

The signing event, which took place in the President’s office, reaffirmed Tinubu’s strong belief that education is the best way to fight poverty effectively and advance socioeconomic development in the country.

Student Loan Act In Nigeria

The Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024 is a piece of legislation that cancels the Student Loans (Access to Higher Education) Act 2023. It establishes the Nigerian Education Loan Fund as a corporate entity with the authority to receive, manage, and invest funds to lend to Nigerians for higher education, skill development, and related purposes.

Section 23 of the Act deals with the eligibility of applicants and provides as follows:

(1)  An applicant for a loan under this Act must:

(a)  Be a citizen of Nigeria;

(b)  Have secured admission into any university, polytechnic, college of education school established by the Federal Government or State Government, or a vocational or skills acquisition school licensed by the Federal Government.

(c)  Shall apply in such form and manner as prescribed by guidelines to be issued by the Board occasionally.

In other words, the interpretation section (S.36) defines terms in a way that makes it very apparent that residents and students from Nigeria who have been admitted lawfully to private universities in their country are not entitled to the same privileges as those who have been admitted to “federal institutions.”

See also: How To Get Student Loans For Mature Students: 6 Things To Know.

How To Qualify For a Nigerian Student Loan?

The initial limitations have been lifted, which were based on a ₦500,000 average family income and having no parental loan history. You may apply if you’re a Nigerian student attending a public tertiary institution (a university, polytechnic, vocational school, or college).

See also: Are There Student Loans That Go Directly to You? How to Get!

What Is Student Loan Bill In Nigeria

The Student Loan Bill in Nigeria is a law that allows Nigerian students to borrow money from the government to pay for their higher education.

This bill aims to help students who cannot pay for their books, tuition, and other educational-related charges. This loan aims to increase everyone’s access to education, irrespective of their financial situation.

Also, this bill allows students to apply for low-interest loans, which they will have to begin repaying once they graduate and land a job. If you can, deciding to pay off your student loan early can be advantageous.

Typically, they break the repayment time into multiple years to make it more manageable for recent graduates. With less financial strain on families, more young Nigerians would be able to finish their school and follow their aspirations thanks to this effort. The Student Loan Bill aims to create a workforce that is more educated and skilled for the future of the nation by providing financial help to students.

See also: How to Pay Off Your Student Loans in 5 Years: A Step-by-Step Guide.

What is the Student Loan Bill All About?

The Bill aims to enhance the Higher Education Student Loan Scheme’s execution by tackling issues with the Nigerian Education Loan Fund’s management structure, applicant eligibility standards, loan objectives, financing sources, and loan disbursement and repayment protocols.

See also: Step-by-Step Guide To Apply For Federal Student Loans in 2024

Requirement For Student Loan In Nigeria

The initial restrictions based on the family income of an average of ₦500,000 and positive parental loan history have been eliminated.

You are eligible to apply as long as you are a Nigerian student in a public tertiary institution (university, polytechnic, college of education, or vocational school).

Here are some basic requirements you need to meet:

1. You must be a Nigerian citizen.
2. You must have an admission letter from a recognized university or college in Nigeria.
3. You need to have a guarantor, a parent, guardian, or close relative, who will co-sign the loan and be responsible if you can’t repay it.
4. Your guarantor must have a stable job and a good credit history to ensure they can support you.
5. You must provide some documents such as:

• Your admission letter
• Birth certificate
• Means of Identification (like a national ID card)
• Academic records.

Additionally, you need to show proof of financial need, which means you or your family cannot afford the full cost of your education.

Lastly, you must maintain good academic performance to keep receiving the loan each year until you graduate.

How To Request For Tinubu  Student Loan?

Here’s how to request for Tinubu student loan:

• visit www.nelf.gov.ng.
• Click on the “Apply Now”
• Click on “Get Started”
• Answer the questions on this page, and continue by clicking on “Yes, I am a Nigerian”.
• Verify your educational information.

See also: Sofi International Student Loans for Africans | Eligibility and How to Apply

How To Apply For Tinubu Student Loan?

According to the Nigerian Education Loan Fund (NELFUND), here’s a step-by-step process to apply for a student loan in Nigeria:

• Visit www.nelf.gov.ng
• Click on the “Apply Now”
• Click on “Get Started”
• Answer the questions on this page, and continue by clicking on “Yes, I am a Nigerian”.
• Verify your educational information because you must select your school from a dropdown and provide your matric number to check if your school has uploaded your details.
• Click the “Verify with JAMB” and enter your JAMB details on the screen. (Students whose NIN has not been registered with JAMB will have an input field where they can enter their NIN for validation.)
• Create an account by entering your Email address, Password and Confirm Password in the fields provided and click “Create Account”.
• Click the email verification link sent to your email.

This concludes the process of creating an account.

How to Complete Your Profile

After successful registration, click the “Log in” button.

• Enter your email address and password to log in.
• Click on the “Proceed to Contact Details” button.
• Update contact details with the current information of your Phone Number, Full Residential Address, State of Residence, and Local Government Area of Residence, and click “Proceed to Educational Details”
• Update your educational details by selecting your Higher Institution and inputting your Matric Number, then click “Proceed to Account Details”
• Verify your BVN by entering your BVN, select your Bank Name, and enter your Account Number. Click “Save Changes” to complete your profile.

See also: 10 Student Loan Apps in Nigeria.

Student Loan Application

• After logging into the application, click on the “Request for Student Loan” button at the top right of the screen on the home or loans page.
• Also,If you want an upkeep loan, click the check box, and click Continue, if all you need is the institutional charge, click the “Continue” button.
• Upload supporting documents. The admission letter is compulsory while the Student ID and Institution Invoice are optional. Click the checkbox for the policy and declaration and click “Continue”
• Read the loan overview and click the checkboxes for both the Terms & Conditions and GSI Mandate then click “Submit Application”
• Click on the “Loans” button to view the status of your application.

FAQs

Conclusion

No more struggling to pay for education because the Tinubu student loan bill marks a pivotal move towards enhancing educational equity in Nigeria.

With an option for Tinubu student loan in Nigeria and government support available, funding your academic journey doesn’t have to be a climb up Mount Everest for a quick loan.

Applicants must meet specific academic and financial criteria to qualify, ensuring the program targets those most in need.

But remember, knowledge is power, and so is making the right decisions.

References

• Linkedin.com – Student Loan in Nigeria – How to Apply in 2024
• Punching.com – Tinubu signs student loan amendment bill into law
• Vanguardgr.com – 2024 Student Loans ACT: Discriminatory and unconstitutional

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