PressPayNg on the Right Track with Student Loan Initiative
PressPayNg – an EdTech product for students of Tertiary Institutions in Nigeria was launched at the Afe Babalola Hall of the University of Lagos on the 24th of November, 2021. The product is a social enterprise App designed to provide an easy way of tuition payment (Education Savings & Education Loans) and other value-added services to students of Tertiary Institutions in Nigeria.
Just after the launch of PressPayNg, the Hon Speaker of the House of Representatives, Hon Femi Gbajabiamila announced the new ‘Students Loan (Access to higher Education Bill)’ being considered by the National Assembly which he is sponsoring.
On Wednesday, 18th January 2022, Hon. Femi Gbajabiamila, to address issues of funding and tuition in the country’s tertiary institutions, announced that the House of Representatives has begun deliberations on a legislative framework for funding tertiary education through student loans.
While delivering the 52nd convocation lecture of the University of Lagos (UNILAG), the Hon. Speaker said the bill would provide funding for all qualified students, so that the burden of school fees and living expenses could be deferred and paid over a period of time.
The ‘Students Loan (Access to higher Education Bill)’ is set to provide interest-free loans to students of Tertiary Institutions in Nigeria, while repayment would commence two years after the National Youth Service Corps (NYSC) scheme.
Hon. Gbajabiamila, in his lecture titled ‘Building Back Better: Creating a New Framework for Tertiary Education in Nigeria in the 21st Century,’ also tasked Tertiary Institutions on sustainable reform, which must come from within.
This is in great alignment with the cooperate objectives of PressPayNg which is to flatten the curve of Tertiary Institution dropout rate in Nigeria, as well as co-fund the Education ambition and actualization of the Education dreams of Parents and Students in Nigeria.
The new ‘Students Loan (Access to higher Education Bill)’ is an encouraging development to Tertiary Education in Nigeria and confirms that PressPayNg is doing the right thing at the right time.
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