Student Loan Disbursement Takes Off From September/October 2023
President Bola Tinubu has directed the implementation of the interest free student loan law, as from September/October this year.
The president wants the loan extended to students in both private and public universities.
Tinubu also directs that the loan should be disbursed to the first group of beneficiaries in September/October.
Permanent Secretary in Federal Education Ministry, David Adejo, announced this at a news conference on Wednesday in Abuja.
According to him, the President had approved the membership of a committee who would worked out the modalities for the implantation of the loan scheme.
Adejo said the committee would hold its maiden meeting on June 20.
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The Permanent Secretary said beneficiaries of the loan would start refund once they are employed.
Meanwhile, the Academic Staff Union of Universities (ASUU) has expressed reservation over the interest free students loan floated by federal government for students in higher institutions of learning in the country.
ASUU President, Professor Emmanuel Osodeke, said they are still awaiting an accurate copy of the student loan edict, to study it, before taking a final position on it.
The union, however, fears that the student loan act may send many students out of schools, due to the planned introduction of tuition fees in public universities.
It predicted that introduction of tuition fees would force several students to withdraw their children from federal universities which may pose fresh dangers to the society.
Osodeke recalled that during one of the ASUU’s negotiations with the defunct Buhari administration, a N1 million tuition fee payable yearly by each student in federal universities, was proposed, which they rejected.
