By Arome Abu
PURPOSE
The Act provides that the loan advanced shall be for payment of tuition fees only, and does not cover for other physiological needs.
ELIGIBILITY
An applicant for a student loan must meet the following conditions:
DISQUALIFICATION
The following persons are disqualified from accessing the loan:
DISCRIMINATION
Gender, religion, tribe, position or disability are not qualifying/disqualifying factors for the grant of a student loan.
THE BANK
The Act creates the Nigerian Education Bank, empowered to administer the disbursement of the loan;
INTEREST
The loan is interest-free.
APPLICATION FOR THE LOAN
An applicant for the loan cannot approach the Bank directly, but must apply through his/her institution through the student affairs office.
DISBURSEMENT
REPAYMENT
REGULATION
The Minister of Education is empowered to make regulations to complement the Act.
Arome Abu is the managing partner of The Counsel L-P
+234 (0) 8032 622359
+44 (0) 7840 786042
abuarome@thecounsellp@gmail.com
CAVEAT: THE INFORMATION PROVIDED IN THIS ARTICLE SHOULD NOT BE TAKEN AS PROVIDING LEGAL ADVICE ON THE SUBJECT MATTER. KINDLY SEND AN EMAIL TO thecounsellegalpractice@gmail.com IF YOU NEED FURTHER LEGAL ADVICE ON THE ISSUES DEALT WITH
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