The student loan mandated students to not have so much money, get some guarantors and maintain a clean criminal record before they would be allowed to access the loans.
President Bola Tinubu has lifted requirements for students of federal universities to access student loans.
The presidency announced the decision on Monday via a tweet by @NGRPresident.
According to the tweet, there will no longer be restrictions on who can access the loan as proposed in the Student Loan Act.
The presidency’s tweet read: “In line with his promise to ensure no Nigerian student abandons educational pursuits, as a result of economic circumstances of their parents, President Tinubu has approved the removal of all restrictions on the Students’ Loan, to make it available to any student or household that may desire it.
“Similarly, President Tinubu has directed the authorities in all Federal Institutions of higher learning to avoid arbitrary increase in sundry fees payable, and where possible defer further increases, so that parents and students don’t face too many difficulties.”
The Student Loan Act requires applicants to come from families with less than ₦500,000 annual income.
They are also to have a level 12 civil servant and lawyer with over 10 years post-call years as guarantors and get approval from their vice chancellors.