Nigeria’s President, Bola Tinubu has signed into law the “Student Loan (Access to Higher Education) Bill”.
The Bill was sponsored by the outgoing speaker of the House of Representatives, Femi Gbajabiamila is now an Act of Parliament.
Exola News brings to you steps by which students can access the loan.
Officially known as AN ACT TO PROVIDE EASY ACCESS TO HIGHER EDUCATION FOR NIGERIANS THROUGH INTEREST FREE LOANS FROM NIGERIAN EDUCATION BANK ESTABLISHED will have students applying for loan under this Act having to apply to the Chairman of the Bank through their respective institutions upon satisfaction
of the following conditions:
(i) The Nigerian student must have secured admission into any public Nigerian
University, Polytechnic, COE or TVET school
The income of the family of the student must not exceed N500,000 per annum;
Student Applicants 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.