The law aims to provide financial assistance to students pursuing higher education.

President Bola Ahmed Tinubu has just enacted a groundbreaking law introducing interest-free student loans, a significant step towards enhancing access to education in Nigeria.

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Sponsored by Hon. Femi Gbajamiamila, the law aims to provide financial assistance to students pursuing higher education. H

here are the steps to access an interest-free student loan; 

The Student Loan Bill, which is now officially known as AN ACT TO PROVIDE EASY ACCESS TO HIGHER EDUCATION FOR NIGERIAN INTEREST-FREE LOANS FROM THE NIGERIAN EDUCATION BANK ESTABLISHED, was sponsored by Hon. Femi Gbajabiamila.

• Students applying for loans under this Act must apply to the Chairman of the Bank through their respective institutions upon satisfaction of the following conditions. 
• Students must have secured admission into any public Nigerian University, P, polytechnic, COE, or TVET school
• Applicant income or family income must be less than N500,000 per annum;
• Applicant must provide at least two civil servants as guarantors: of not less than level 12 years in service; or a Lawyer with at least 10 years post-call experience; a
• Judicial officer; or a Justice of Peace
• Students who have defaulted on previous loans; found guilty of exam malpractice, felony, or drug offenses will not be considered.
• Students with parents who have defaulted on previous loans will not be considered.
• All Applications will be submitted through the Students Affairs Office of each Institution via a list of all qualified applicants from the institution, accompanied by a cover letter signed by the Vice Chancellor, Rector, or head of the institution and student affairs.
• Any beneficiary of the loan to which this Act refers shall commence repayment two years after the completion of the National Youth Service Corps program.
• Repayment shall be by direct deduction of 10% of the beneficiaries’ salary at source by the employer.
• Where the beneficiary is self-emself-employed all remit 10% of his total profit monthly to the students’ loan account to be prescribed by the bank.