Senate, Reps Pass Student Loan Bill.

National Assembly has passed the Student Loans, Access to Higher Education Act, as well as Repeal and Re-Enactment Bill, 2024.

This is coming after separate considerations by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and TETFund, while, President Bola Tinubu had in a letter written to the Senate last Thursday sought the repeal of the existing law and submitted a fresh bill to be passed into law.

This request came a day after the announcement of a temporary suspension of the commencement of the student loan scheme which would allow students of tertiary institutions access interest-free loans to complete their studies, while, President Tinubu had in June 2023 signed the Student Loan Bill into law to enable Nigerian students to access loans at interest-free rates.

The Senate, thereafter, passed for second reading, a Bill for an Act to Repeal the Students Loan and Access to Higher Education Act 2023 and enact the Student Loans Access to Higher Education Bill 2024.

It also makes provision for loan forgiveness in the event of death or acts of God causing inability to repay.