The President National Association of Nigerian Students (NAN), Mr. Usman Barambu on Thursday called on the House of Representatives to amend the Student Loans Act, 2023 with a view to allow all Nigerian students who desire loans to have access to the facility.
Barambu who gave the charge at the legislative summit on student loans and access to higher education in Abuja, held at the instance of the ad-hoc committee chaired by Hon. Terser Ugbor, lamented that the extant criteria for accessing student loans as encapsulated in the Act was too stringent.
While noting that the method of repayment of 2 years was too short, he called for an extension of the repayment period from two years to at least 4 to 5 years.
He also called for the list of guarantors to access loans to be looked into, adding that most students will not be able to meet the guarantors’ requirements.
He said: “Student loans is for us and the board has no student representation. The Board only captured NUC sidelining the polytechnics and colleges of education they should all be inclusive for fairness and equity.
“Also the method of payment should be looked into as most students are not able to find their ground financially two years after graduation, it should be revised to 4 to 5 years. The Act also gives no room for forgiveness in cases of death, especially for security officers, that should also be looked into.
Also speaking at the summit, the JAMB Registrar, Professor Is-haq Oloyede who was represented noted that the student loans represent a turning point in the history of higher education in Nigeria, in the 21st century.
Oloyede tasked the lawmakers on the feasibility of the loan covering other areas.
He stressed the need to review the Act to cover the cost of other things beyond school fees as students now pay more for accommodation, feeding and transportation.
The JAMB boss also canvassed the development of a conducive environment for the repayment of the loan even as it noted that the Act should be calibrated to factor in market instability, inflation pandemics and force major.
Another recommendation by JAMB was that the the loan should not be one amount at all times adding that guarantees should be inserted so that it will be above inflation.
