The National Association of Nigerian Students has proposed that the repayment should begin five years after NYSC.
According to them, it is not logical to expect beneficiaries of the loan scheme to begin repayment two years after the completion of the National Youth Service Corps because less than 10 per cent of graduates get integrated into the labour market within the period.
This was put forward on Monday by Lucky Emonele, the President of NANS at a public hearing on the repeal and re-enactment of Students Loans Access to Higher Education Bill 2024 put together by the Senate Committee on Education and TETFUND and the House of Representatives Committee on Student Loan, Scholarship and Higher Education Financing.
President Bola Tinubu was lauded for including the leadership of NANS as representatives of the students on the loan board and for his decision to repeal the Act to address issues that could thwart the success of the scheme.
Speaking further, the NANS President proposed a minimum of five years repayment duration, given the challenges of unemployment after graduation in Nigeria.
He also pleaded for provision of study grants for Nigerian students in the Act seeking to set-up the Nigeria Education Loan Fund to enable them to complete or further their academic journey.
The Students’ Head challenged the lawmakers in the National Assembly to pass a plan that prevents public tertiary institutions from increasing school fees in the next 10 years to encourage more students to enroll in school and relieve them of the burden on the loans.
“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.”
However, the FG has released a statement on their plans to kickstart the project that holds so much promise in some weeks.
