FG Gives Update: Latest News On Student Loan

What is the latest news on Federal Government Student Loan Scheme?

The Federal Government (FG) on Wednesday has said that its Student Loan Scheme is still on track to commence this month.

This was disclosed, noting that students who apply through its soon-to-be-completed website can access the facility within 30 days.

“January is a reality. Already the website is almost done. Application for beneficiaries is going to be online…and you can access your loan within 30 days,” said the Minister of State for Education, Dr Yusuf Sununu, who briefed State House Correspondents after the first Federal Executive Council meeting for 2024.

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On June 12, 2023, President Bola Tinubu signed the Student Loan Bill into law.

With less than two weeks to the end of January, concerns continued to grow on the reality of the scheme.

Fielding questions on the issue on Wednesday, Sununu said the scheme was on course and would commence this month as promised.

He said, “The criteria for you is to get your admission, to be in Nigeria, and find yourself in a public school. If you are qualified, you have to apply online, which will be processed in a timely manner, and you can access your loan within 30 days.

“Fund has been set aside in the 2024 budget and the supplementary budget 2023. The essence is to increase and ease access to students who want to procure their higher education in Nigeria. And it’s also mainly for tertiary institutions.”