Ask Nigeria Header Logo

Students Loan Scheme set to start this month

Photo of author

By Abdulwasiu Usman

Website and technical plans have been finalized to kickstart the scheme.

The Students Loan Scheme commencement which was earlier slated for January 2024 has been reaffirmed by the federal government. Yusuf Sununu, the Minister of State for Education, provided this confirmation during a press briefing following a Federal Executive Council (FEC) meeting led by President Bola Tinubu at the State House in Abuja. He stated that everything is prepared for the scheme to commence, as the Student Loan Schemes website has been finished and technical plans have been finalized to enable the scheme’s initiation.

Sununu emphasized that the Student loan scheme in Nigeria would receive sufficient financial support through the 2024 Appropriation Act and the Supplementary Budget for 2023. He reiterated that the commencement of the scheme in January is firmly set, with significant progress already made on developing the website. Online applications will be available for beneficiaries, with the admission criteria specifying only Nigerian students in public schools. The online application process will ensure timely processing, guaranteeing access to the loan within a span of 30 days.

Applicants will be able to apply and get verified online.

As part of the process, the scheme is taking steps to create a seamless process that eliminates any interaction between loan administrators and beneficiaries. Applicants will have the convenience of applying and getting verified online, with their eligibility being determined by the supporting documents and credentials they provide. The primary objective of this scheme is to establish a fair and inclusive system that grants equal access to eligible applicants, without any prejudice based on factors such as gender, religion, tribe, social standing, or disabilities.

Government officials are of the opinion that this scheme will provide underprivileged students with the opportunity to secure federal government loans for funding their higher education, similar to the model in the United States and other advanced nations. By implementing this scheme, the occurrence of student suicides resulting from depression upon dropping out of school will be significantly curtailed. Additionally, the prevalence of female students engaging in vices as a means to finance their fees will diminish or completely vanish, as the elimination of financial pressure will eliminate the need for such actions.

Second school graduates are aspiring for tertiary institutions.

Additionally, the Minister revealed that the Ministry of Education submitted a memorandum to the council, which was jointly prepared by the ministry and the National Universities Commission. This memorandum outlines the guidelines for effectively executing transnational education programs within Nigeria. He elucidated that the program would grant international educational institutions the room to establish a presence in Nigeria, hire local professionals, enroll Nigerian students, and alleviate the burden on the country’s current higher education establishments.

He pointed out the reason for this, highlighting Nigeria’s membership in the World Trade Organisation, which dates back to 1995, and its signing of the General Agreement of Trade in Services in the same year to support his argument. These trade services, he said, encompass educational resources that can be shared beyond national boundaries. The evident outcome of President Tinubu’s endeavors in expanding educational accessibility can be seen in the growing influx of graduates and secondary school graduates aspiring to further their education at our tertiary institutions.

Related Article: Is Nigeria ready for student loan program?

Furthermore, the matter of placement has gained significant attention, leading the ministry to develop a policy for transnational education. This innovative approach allows for the exchange of valuable ideas and facilitates progressive education beyond national borders, according to the Minister. The documents outline a framework that enables foreign institutions to partner with local institutions or even establish their own campuses within the country. From an economic standpoint, engaging in transnational education would alleviate the strain on the naira in its dealings with the dollar.


Related Link

UN: Website


The content on AskNigeria.com is given for general information only and does not constitute a professional opinion, and users should seek their own legal/professional advice. There is data available online that lists details, facts and further information not listed in this post, please complete your own investigation into these matters and reach your own conclusion. AskNigeria.com accepts no responsibility for losses from any person acting or refraining from acting as a result of content contained in this website and/or other websites which may be linked to this website.

Fact Checking Tool - Snopes.com

5 1 vote
Rate This Article
5 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
AN-Toni
Editor
1 month ago

Students Loan Scheme set to start this month. – Website and technical plans have been finalized to kickstart the scheme.Express your point of view.

Adeoye Adegoke
Member
1 month ago

The fact that the Students Loan Scheme is set to start this month is really exciting. It’s great to hear that the website and technical plans have been finalized to kickstart the scheme.
Providing students with access to loans can be a game-changer for their educational journey. It can help remove financial barriers and ensure that more individuals have the opportunity to pursue higher education. By finalizing the website and technical plans, it shows that the government is committed to streamlining the application process and making it more accessible for students.
Efficient implementation and management of the scheme will be crucial to its success. It’s important to ensure that the loan disbursement process is smooth and transparent, and that students are provided with the necessary support and guidance throughout their loan repayment journey.
Education is a powerful tool for personal and societal development, and initiatives like the Students Loan Scheme can play a significant role in expanding access to education. I’m hopeful that this scheme will positively impact the lives of many students and contribute to a more educated and empowered society. 🎓📚

SarahDiv
Member
1 month ago

The confirmation of the Students Loan Scheme starting this month is promising news. The government’s efforts to provide financial support for students in public schools through an inclusive online application process are commendable. This initiative not only addresses financial challenges but also aims to reduce societal issues like student suicides and engagement in vices. The exploration of transnational education programs further reflects a commitment to expanding educational opportunities and economic growth. It’s a positive step towards fostering a better-educated and empowered Nigerian populace.

Taiwo
Member
1 month ago

Beginning this month is the Students Loan Scheme. To launch the initiative, the website and technical planning have been completed.  In order to assist students in paying for their tuition, the student loan program was created. It is my expectation that the arrangement will allow the students that to repay the loan.

Kazeem1
Member
1 month ago

The Student Loan Schemes website is complete, and technical arrangements are complete to allow the scheme to launch.The government’s commitment to simplifying the application process and improving accessibility for students is demonstrated by the completion of the website and technical plans.The effectiveness of the plan will largely depend on how well it is managed and implemented. this will help many student with financial issue