Amidst growing concerns about the affordability of education, students and parents are rallying for immediate action on the revised student loan policies to alleviate the burden of acquiring education. The urgency of the situation is underscored by the daily struggles faced by students and parents. President Bola Tinubu recently signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law, ushering in significant changes to the student loan landscape.

The new amended Student Loan Act entails the establishment of the Nigerian Education Loan Fund (NELFUND) and provides loans to students, removing eligibility constraints entirely as opposed to the 2023 version. Earlier in June 2023, Tinubu signed the Access to Higher Education Act, 2023, into law, enabling indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution. The move fulfills one of his campaign promises to liberalize funding for education and establishes the Nigerian Education Loan Fund to manage loan requests, grants, disbursement, and recovery.

Despite the government’s announcement of the scheme’s launch in September, it faced numerous delays, leading to an indefinite postponement in early March. Students and parents have commended the government for passing the amended bill but are calling for immediate action for its rollout. The president of the National Association of University Students (NAUS), Comrade Obaji Marshall, emphasized the need for fairness in loan allocation, expressing concerns that only those with connections might have access, leaving others behind. Similarly, parents like Mr. Joseph Chia stress the urgency of rolling out the loans to relieve the burden on parents, highlighting the importance of timely implementation to secure their children’s futures.