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Despite any other provision in any enactment to the contrary, a person is not eligible to apply for a loan under this Act where

(a) on admission into an accredited tertiary institution or during the course of studies in the institution, the borrower obtains a scholarship from the Government or from a public or private funded source; and

(b) the amount of the scholarship is equal to or exceeds the maximum loan payable under the loan scheme of the Fund at the time of the grant of the scholarship.