Tinubu signs student loan into law with imprisonment, N500,000 fines for defaulters

 

Steps to access the student loan

The Student Loan Bill which is now Law  officially known as AN ACT TO PROVIDE EASY ACCESS TO HIGHER EDUCATION FOR NIGERIANS THROUGH INTEREST FREE LOANS FROM NIGERIAN EDUCATION BANK ESTABLISHED was Sponsored by Hon. Femi Gbajabiamila

Students applying for loan under this Act must apply to the Chairman of the Bank through their respective institutions upon satisfaction

of the following conditions:

(i) Student must have secured admission into any public Nigerian

University,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; a

Judicial officer; or a Justice of Peace.

Students who have defaulted in previous loans; found guilty of exam malpractices, felony, drug offenses will not be considered. 

Students with parents who have defaulted in respect of 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 or Rector or the head of the institution and the student affairs.

Any beneficiary of the loan to which this Act refers 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 empioyer.

Where the beneficiary is self employed, he shall remit 10% of his

total profit monthly to the Students loan account to be prescribed by the Bank.