NANS calls for review of student loan act

The National Association of Nigerian Students (NANS) has called on the house of representatives to amend the student loan act.

Usman Barambu, the NANS president, spoke on Thursday at the legislative “summit” on students’ loans and access to higher education, organised by the house ad hoc committee in Abuja.

NAN reports that Barambu called for the inclusion of student representation on the board.

The NANS president said it should include polytechnics and colleges of education on the board instead of only the National University Commission (NUC) which was earlier captured.

Barambu also disclosed that the criteria for access to loans in the current act were too stringent. According to him, the method of payment of two years was too short.

He said there was a need to look at the list of guarantors to access the loans, adding that most students would not be able to meet the guarantors’ requirements.

“Student loans are for us yet on the board there is no student representation. The board only captured NUC sidelining the polytechnic and colleges of education, which should all be included for fairness and equity,” he said.

“The method of payment should be looked into as most students will not be able to find their ground financially two years after graduation, therefore, it should be revised to four to five years.

“The act also gives no room for forgiveness in cases of death, especially for security officers, that should also be looked into.”

President Bola Tinubu signed the student loan bill into law on June 12.

The bill was sponsored by Femi Gbajabiamila, the immediate-past speaker of the house of representative.

The legislation was designed to address the financial challenges faced by young Nigerians in accessing higher-quality education.

TheCable also highlighted five major things to know about the new student loan law.