Students Loan: NANS proposes five-year post-NYSC for repayment

student loan

Students Loan: NANS proposes five-year post-NYSC for repayment

The National Association of Nigerian Students (NANS) has advocated for a five-year period after the completion of the National Youth Service Corps (NYSC) for the commencement of repayment for beneficiaries of the Federal Government loan scheme.

NANS argued that expecting repayment to start just two years after NYSC is not realistic, as less than 10 percent of graduates secure employment within that time frame.

President of NANS, Lucky Emonele, made this proposal in Abuja during a public hearing on the repeal and re-enactment of the 2024 Students Loans Access to Higher Education Bill.

The hearing was organized by the Senate Committee on Education and TETFUND, as well as the House of Representatives Committee on Student Loan, Scholarship, and Higher Education Financing.

Emonele commended President Bola Tinubu for including NANS leadership as representatives on the loan board and praised the decision to repeal the Act to address potential hindrances to the success of the student loan scheme.

He stressed the need for study grants for Nigerian students and called for measures to prevent arbitrary increments in school fees by tertiary institutions, urging the National Assembly to pass a resolution prohibiting public tertiary institutions from raising fees for the next decade to ensure the sustainability of the loan scheme.

“If the Federal Government, through the Tertiary Education Trust Fund, could earmark N683bn for public tertiary institutions in 2024, without requesting for payback from beneficiary institutions, Nigerian students should not be treated any differently,” he added.

In response, Minister of Education, Prof. Tahir Mamman, lauded Tinubu’s commitment to education, stating the President’s desire for all school-age children to have access to education.

The minister stated that the public hearing would provide an opportunity to make further input to improve the bill for the good of Nigerian students.

Chairman of the committee, Senator Muntari Dandutse pointed out the importance of quality higher education, stating that initiatives like the student loan scheme would lead to a brighter future for youths and the nation as a whole.

“By removing financial barriers, these initiatives will enable more students to pursue higher studies, leading to a larger pool of skilled graduates who contribute to the country’s social and economic development. Increased literacy rates foster economic growth, social progress, and democratic participation,” Dandutse stated.

Senate President, Godswill Akpabio, represented by the Deputy Senate President, Jibrin Barau, earlier expressed optimism that the legislative agenda of the 10th National Assembly would significantly improve the standard of living for Nigerians.

He commended Tinubu for his support for Nigerian students through the loan scheme, noting its potential to enhance access to education and economic development.