The student loan bill signed into law on Monday by President Bola Tinubu came with some benefits for the beneficiaries that Nigerians should know.

The students loan act signed into law will enable indigent students to access federal government loans to fund their educational pursuits or career.

The bill was signed into law today after passing a second reading at the House of Representatives on May 25, 2023.

What Nigerians must know about the student loan bill:

• The Act provides an interest-free loan for indigent students in which beneficiaries will only pay back the exact amount they collect.
• The Act offers loans for poor students seeking higher education in public universities, polytechnics and colleges of education in the country.
• The Act enables all indigent students to have equal rights to access the loan without any form of discrimination arising from gender, religion, tribe, position or disability of any kind.
• The Act stipulates that the loan shall be granted to indigent students only for the payment of tuition fees.
• The Act states that there shall be the creation of a Nigerian Education Bank with the aim to offer education for all Nigerians in matters pertaining to loans.