Following President Tinubu’s signing into law of the new Nigerian students loan act, here are some tips on how to access the loan.
On Monday, June 12, 2023, the President, Bola Tinubu, signed into law the Student Loan bill which aims to enable Nigerian students have access to interest-free loans.
The students loan act was introduced by the outgoing speaker of the House of Representatives, Femi Gbajabiamila.
According to reports, the piece of legislation passed second reading at the lower house on May 23, 2023 and was assented to by President Tinubu on Monday, June 12, 2023.
How To Access the Nigerian Students Loan
>> Students applying for loans under this Act must apply to the Chairman of the Bank through their respective institutions upon satisfaction of the following conditions.
>> Students must have secured admission into any public Nigerian University, P, polytechnic, COE, or TVET school
>> Applicant income or family income must be less than N500,000 per annum;
>> Applicant must provide at least two civil servants as guarantors: of not less than level 12 years in service; or a Lawyer with at least 10 years post-call experience; aJudicial officer; or a Justice of Peace
>> Students who have defaulted on previous loans; found guilty of exam malpractice, felony, or drug offenses will not be considered.
>> Students with parents who have defaulted on previous loans will not be considered.
>> All Applications will be submitted through the Students Affairs Office of each Institution via a list of all qualified applicants from the institution, accompanied by a cover letter signed by the Vice Chancellor, Rector, or head of the institution and student affairs.
>> Any beneficiary of the loan to which this Act refers shall commence repayment two years after the completion of the National Youth Service Corps program.
>> Repayment shall be by direct deduction of 10% of the beneficiaries’ salary at source by the employer.Where the beneficiary is self-emself-employed all remit 10% of his total profit monthly to the students’ loan account to be prescribed by the bank.
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