The Chairman of the House Committee on Student loan, Scholarship and higher education financing,Hon Gboyega Isiaka says the initial payment of at least N500,000 before student can access the loan has been removed.

Hon Chairman, Isiaka made the disclosure while addressing journalists in Abuja Thursday.

Hon Isiaka recounted that the Act was initially to be launched on 14th March, 2024 but was held back to enable amendments in some of the bottlenecks pointed out.

While fielding questions from journalists on penalties of the Student Loan Act, the Ogun lawmaker explained that according to a section of the Act, a student can be disqualified from accessing the loan if found wanting in examination malpractice or Cultism.

He however dismissed fears that may hinder the initiative as pointed out that the United States of America whom Nigeria got the initiative from are facing some challenges on it.