Student loan bill has been signed into law by President Bola Ahmed Tinubu. Dele Alake, a member of the Presidential Strategic Team, announced on Monday, June 12.
This bill, sponsored by the speaker of the House of Representatives, Femi Gbajabiamila, provides interest-free loans to indigent Nigerian students.
In fulfilment of his promise during his campaign, President Bola Tinubu has decided to make education accessible to every Nigerian student.
This loan allows students in tertiary institutions to access loans that will help them pay their tuition fees easily.
Requirements for the Student Loan:
- Students applying for loan under this Act must apply to the Chairman of the Bank through their respective institutions.
- Student must have secured admission into any public Nigerian
University, Polytechnic, College of Education or Technical College - Applicant income or family income must be less than N500,000 per annum.
- Applicant must provide at least two civil servants as guarantors, not less than level 12 years in service. A Lawyer with at least ten years post-call experience; a Judicial officer; or a Justice of Peace.
- The loan will except students who have defaulted on previous loans, found guilty of exam malpractices, felony, or drug offences. This also includes parents of students with defaulted in respect of previous loans.
- All Applications will be submitted through the Students Affairs Office of each Institution via a list of all qualified applicants. The Vice Chancellor, Rector or Head of the institution, and student affairs will sign a cover letter for the request.
- The beneficiary of the loan shall commence repayment two years after completion of the National Youth Service Corps programme. (Repayment shall be by direct deduction of 10% of the beneficiaries salary at source by the employer.
- A self-employed beneficiary shall remit 10% of his total profit on a monthly basis.
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