Students Loan Amendment Bill Scales Second Reading

The Students Loans (Access to Higher Education) Act (Repeal and Enactment) Bill, 2024 was approved for second reading by the Senate on Thursday.

The Student Loans Access to Higher Education Act (Repeal and Enactment) Bill, 2024 was passed by the Senate on Thursday for a second reading. This happened in response to a letter that President Bola Tinubu sent to the Senate asking for the current law to be repealed and presenting a new bill for approval.

The bill aims to improve the Higher Education Loan Scheme's operation by addressing issues with the Nigerian Education Loan Fund's (NELF) administration structure, applicant eligibility conditions, loan purpose, financing sources, and distribution.

Opeyemi Bamidele, the leader of the Senate, led the discussion on the general principles of the bill and stated that it would lend money to eligible Nigerians to cover the cost of tuition, fees, charges, and maintenance while they are enrolled in accredited postsecondary education, vocational, and skills acquisition institutions in Nigeria.

He said that the amendment will support the creation, management, and upkeep of a diverse fund pool that will enable lending to eligible candidates and guarantee access to postsecondary education, career training, and skill development.

The congressman also emphasized that it guarantees the Fund's recovery of all debts owed from loans made to eligible candidates, with the exception of situations in which the Board determines that a borrower should not be required to return a loan owing to death, hardship, or equity.

Other requirements for being exempted from loan repayment are inability or excessive hardship, or the costs involved in collecting the debt exceed the amount that is being sought.

Senators alternated in their support of the bill's passage, arguing that it will improve students' access to quality education and develop the next generation of talent.

The bill, which the senators claim would assist pupils receive a decent education and advance the talents of the next generation, was supported by them in turn.

For additional legislative action, the bill is then forwarded to the Committee on TETFUND.