An Overview of The Student’ Loan Act 2024; What Student Need To Know
The Students Loan Act 2024, officially titled the Access to Higher Education Act, was enacted to address the failures of the 2023 version by simplifying the application process, broadening eligibility (though still excluding private institutions), and providing not only tuition but also maintenance allowances. It introduces a more flexible repayment plan, including a grace period after NYSC and deductions not exceeding 10% of gross income. However, it raises concerns around enforceability against minors, lack of clear interest rate terms, and insufficient clarity for exempted NYSC graduates or unemployed individuals.