FG Roll Out Conditions for Student Loan Scheme - Naija Stick

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FG Roll Out Conditions for Student Loan Scheme

Jan 25, 2024

 



FG Roll Out Conditions for Student Loan Scheme


The Federal Government of Nigeria has rolled out new conditions for applicants seeking access to the newly established Student Loan Scheme. It is important to keep in mind that the Education Tax collected by the Federal Inland Revenue Service (FIRS) is also identified as one of the funding sources for this initiative.


FIRS Chairman, Dr. Zacch Adedeji, emphasized the commitment to ensuring zero human involvement in the application and processing of loans, highlighting the automated nature of the scheme.


Adedeji affirmed that channeling the education tax into the program reflects the government’s accountability to Nigerian taxpayers, aligning with President Bola Tinubu’s promise to make education accessible to all.


Executive Secretary of the Student Loan Board, Dr. Akintunde Sawyerr, provided insights into the application process. Eligible candidates will utilize a dedicated loan app or website, providing essential information such as JAMB registration number, date of birth, National Identification Number (NIN), and Biometric Verification Number (BVN).


Sawyerr clarified that the scheme, funded by Nigerian taxpayers, aims to bridge the financial gap hindering students from pursuing tertiary education. The direct transfer of fees to institutions upon approval streamlines the financial process and benefits the institutions involved.



The loan is envisioned as a bridge connecting educational aspirations with financial support, ensuring that lack of funds does not hinder individuals from pursuing higher education. Sawyerr emphasized that the scheme opens opportunities for diverse career trajectories, including teacher training programs and vocational skills.


With the school fees for successful applicants directly transferred to their institutions, the scheme aims to intervene and support needy families, positively impacting the lives of Nigerian youths. This initiative, signed into law by President Bola Tinubu in June 2023, reflects a commitment to liberalizing education funding and eliminating strikes in the educational sector.


Summarized list of the conditions


1. The scheme ensures zero human involvement in the application and processing of loans, emphasizing a fully automated process.


2. Applicants must provide their JAMB registration number as part of the eligibility criteria.


3. The scheme requires applicants to input their date of birth to verify eligibility.


4. Prospective candidates need to provide their NIN, confirming their Nigerian citizenship and eligibility for the scheme.


5. Applicants must furnish their BVN to facilitate financial inclusion, ensuring the funds can be accessed through their bank accounts.


6. Successful applicants need to supply their matriculation number and admission number to specify their chosen institution.


7. Upon approval, the fees or tuition requirements will be transferred directly to the institution where the applicant is enrolled.


These conditions aim to streamline the application process, verify eligibility, and ensure transparency and accountability in the disbursement of funds through the Student Loan Scheme.