The new law makes provision for interest-free loans to indigent Nigerian students in the nation’s educational Institutions.
The law as a bill was the idea of Secretary to the Federal Government while he was Speaker of the House of Representatives Femi Gbajabiamila.
It repeals the Nigerian Education Bank Act and enact the Student Loan (Access to Higher Education) Act. It says that the Nigerian Education Bank shall have powers to supervise, coordinate, administer, and monitor the management of student loans in Nigeria.
It provides for students to receive applications for loans through higher institutions in Nigeria on their behalf. They would be screened to ensure that all requirements for granting the loan under the Act are satisfied.
The bank shall also have the powers to approve and disburse the loan to qualified applicants; control, monitor, and coordinate the students’ loan
