In Nigeria, so many students have dropped out of school because of money. Some have gone into internet fraud, arm rubbery, etc just to make money.
The president of Nigeria, President Bola Ahmed Tinubu has signed the students’ loan bill into law which seeks to provide financial solution to Nigerian students for the purpose of tertiary education.
President Tinubu said he was pleased when he signed into law, the access to higher education act which provides interest-free loans to deserving students across the country who wish to further their education in tertiary institution.
With this, every deserving student will have quality and affordable education not minding their financial backgrounds.
In this article, I will tell you some things you need to know about the students’ loan and how you can get one. All you need to do is keep reading on.
Qualifications For Students’ Loan In Nigeria.
Before you can apply for the loan, you must first have the following qualifications.
- Provide 2 guarantors (civil servant above leve 12 or lawyer with atleast 10 years post-call experience).
- You must have secured an admission into higher institution.
- You must come from a family with annual income of less than N500,000.
Disqualifications For Students’ Loan In Nigeria.
You are disqualified from applying if;
- You have proven case of exam malpractice.
- You have ever been convicted of drug abuse.
- You have defaulted in any loan before.
- You have been convicted for any offence or fraud (yahoo).
- Your parents defaulted on any loan before.
Purpose Of Student Loan In Nigeria.
The loan can be accessed for the purpose of paying school fees, accommodation, textbook, research, educational materials or any other purpose that’s justified by the institution.
The amounts will differ from department to department and student to student. While technical courses will require more funding than non-technical courses.
What Happens If You Don’t Pay Back The Students’ Loan.
Whoever benefits and refuses to pay back for others to benefits, is liable to two (2) years imprisonment or pay a fine of N500,000.
How To Pay Back The Students’ Loan.
The loan repayment will start two years after NYSC. Payment will be 10% direct deduction from beneficiaries salary account.
Self employed graduates will have only 60 days to document their income for deductions. They will also remit 10% of their monthly profits or face penalty.
How To Apply For Students’ Loan In Nigeria.
- First you need secure admission.
- Meet income requirements.
- Provide guarantors.
- Ensure a clean record.
- Then you can submit an application through your institution: all applications must be submitted through the students affairs office of your institution. The submission should include a list of qualified applicants from the institution and cover letter signed by the vice chancellor, rector or head of the institution, along with the student affairs office.
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