In a move aimed at streamlining its student loan program, the Federal Government has announced that only students enrolled in federal institutions will be eligible to access the funding. This new criteria, which takes effect immediately, means that students from state and private universities will no longer be able to benefit from the program.
The student loan program was established to provide financial assistance to students who are facing difficulties in pursuing their higher education. However, the government has been facing challenges in recovering the loans, with many beneficiaries defaulting on their payments.
According to sources, the government’s decision to limit the program to federal institutions is aimed at improving the recovery rate of the loans. Federal institutions have a more centralized administration, making it easier for the government to track and monitor the loan recipients.
The new criteria are expected to impact thousands of students who rely on the loan program to finance their education. While some have expressed disappointment and concern about the move, others have welcomed the decision, saying it will help to ensure that the program is sustainable and beneficial to those who need it most.
The government has assured that it will continue to explore ways to support students from state and private universities, including through other scholarship programs and initiatives. However, the new criteria for the student loan program are expected to remain in place, as the government seeks to ensure that the program is effective and efficient in supporting the education sector.
This development is part of a broader effort by the government to reform the education sector and improve access to quality education for all Nigerians. The government has been working to address challenges in the sector, including inadequate funding, poor infrastructure, and a shortage of qualified teachers. The new criteria for the student loan program are seen as a key part of this effort, as the government seeks to ensure that its programs are targeted and effective in supporting students and institutions.
