NANS Suggests Repayment of Student Loans Five Years After NYSC

NANS Suggests Repayment of Student Loans Five Years After NYSC

It is unrealistic to expect recipients of Federal Government loans to start repaying their loans two years after their National Youth Service Corps service is over, according to the National Association of Nigerian Students.

Less than 10% of graduates, according to the argument, are employed within two years of completing their NYSC.

Thus, was suggested that the payback schedule start five years following NYSC.

During a public hearing in Abuja on Monday about the repeal and re-enactment of the 2024 Students Loans Access to Higher Education Bill 2024, NANS President Lucky Emonele appealed.

The House of Representatives Committee on Student Loan, Scholarship, and Higher Education Financing, along with the Senate Committee on Education and TETFUND, organized the public hearing.

Emonele praised President Bola Tinubu for granting NANS’s request and appointing its leadership on the loan board in place of the students.

He continued by saying that the students supported the move to repeal the Act to eliminate any ambiguities that would have compromised the viability of the student loan program.

Less than 10% of Nigerian graduates enter the workforce after completing their NYSC, therefore he argued that the loan’s suggested two-year payback period after the service was not feasible.

The NANS President thus suggested a minimum payback period of five years, considering the difficulties associated with joblessness following graduation.

In the Act proposing to create the Nigeria Education Loan Fund, the president of NANS also demanded that study grants be made available to students in Nigeria.

Additionally, he said that the administration of postsecondary schools shouldn’t raise tuition arbitrarily just because a loan program is available.

He pushed for a resolution to be passed by the National Assembly that would forbid public higher schools from raising tuition for the following ten years.

When implemented, he claimed, this was the only way to keep the act going.

To help students finish or further their education, he also believes that funding for grants must be provided.

He said that by doing this, more students would enroll in classes and the potential strain on the loans would be lessened.

“Nigerian students should not be treated any differently if the Federal Government, through the Tertiary Education Trust Fund, could earmark N683 billion for public tertiary institutions in 2024, without requesting repayment from beneficiary institutions.”

President Bola Tinubu was praised by Education Minister Prof. Tahir Mamman for his enthusiasm and dedication to the field of education.

He claims that because the President is so passionate about education, he does not want any child of school age to be absent.

According to the minister, more suggestions for improving the law for the benefit of Nigerian students will be accepted during the public hearing.

Many Nigerian students, according to committee chairman Senator Muntari Dandutse, have urgent concerns about their access to high-quality higher education.

According to Dandutse, if it is successfully implemented, the young and the country as a whole would have a better future.

“By eliminating financial obstacles, these programs will encourage more students to seek higher education, resulting in an increased number of highly qualified graduates who support the social and economic advancement of the nation. Higher literacy rates promote social advancement, economic expansion, and democratic engagement.

The legislative agenda of the 10th National Assembly, according to Senate President Godswill Akpabio, will significantly raise Nigerians’ level of life.

Speaking via Deputy Senate President Jibrin Barau, he praised President Tinubu for his vision and extraordinary dedication to the nation’s students through the loan program.

Credit:Allschoolabs,Nairaland.