President Bola Tinubu has signed the Student Loan Bill into law.
The bill will enable Nigerian students to access loans at interest-free rates.
The bill, which was sponsored by Gbajabiamila, was titled ‘A Bill for an Act to provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act to provide education for Nigerians and other purposes connected thereto.’
Recall that President Tinubu had during his campaign, promised to establish a student loan scheme as part of ways to improve access to education and put an end to recurring strikes by lecturers.
Key Points.
Here are a Couple of Key facts about the latest Student Loan Bill.
- Applicants must have a good credit score and not have defaulted on previous loans or involved in examination malpractice.
- Applicants must come from a family that earns below #500, 000.
- Application would be done through the Students Affairs Office of respective institutions.
- Applicants would require atleast two guarantors who must either be Civil Servants who have served for up to 12 years or lawyer with 10years post call experience or Justice of Peace.
- Repayment begins two years after completing the National Youth Service Corps program and involves a direct deduction of up to 10% the beneficiary’s salary or a monthly remittance for self-employed individuals.
- Download the latest Version of the Bill here.
