Student Loan Bill: How to apply and Requirement

Student Loan Bill: How to apply and Requirement

President Bola Ahmed #Tinubu on Monday, June 12, signed the Students Bill into law.

The new act provides an interest free loan for indigents students in which beneficiaries will only pay back the exact amount they collect. #turo247news

The act will establish the Nigerian Education Bank, which will supervise, coordinate, administer and monitor the management of Student loans in Nigeria.

Requirement to qualify for the Student loan

1. The student applicants applying for loans under the Act shall apply to the Chairman of the Bank through their respective institutions upon satisfaction of the following conditions.

2. The student applicants must have secured admission into any of the Nigerian universities, polytechnics, colleges of education or any vocational school established by the Federal Government or the government of any Stale of the Federation.

3. The student applicants’ income or family income must be less than N500,000 (five hundred thousand naira) per annum.

4. The student applicants must provide at least two guarantors: each of the guarantors must be a civil servant of not less than level 12 in the service; or a lawyer with at least 10 (ten) years post-call experience; a Judicial officer; or a Justice Peace.

It is widely known that education is pivotal to the economic growth and development of any nation, and this Act will be one of the mechanisms to overhaul the educational system in Nigeria.

How to Apply for the Student loan

This will be disclosed very soon…..