How To Apply For Nigeria Students Loan

[Watson]

This is one important law the NIGERIA Government has signed in the past decades, of which thousands to millions of Nigeria students stand to benefit

With just two weeks in office @#OfficaiAbat President Tinubu has done what APC leads government under former president Buhari lead administration failed to do in 8 years

With a good start, our prayer is with Nigeria, irrespective of who is in charge as President. Our pray is for Nigeria to succeed so other African countries who look up to them can as well follow the steps to making Africa a great continent

So I was pleased to have read that Bola Tinubu the 16th and current president of Nigeria, who assumed office on 29 May 2023 has signed into law, the Access to Higher Education Act. Which provides interest-free loans to deserving students across the West African country (Nigeria). And to those who wish to further their education in tertiary institutions.

With this Act, the government of Nigeria will ensure that every deserving student has access to affordable and quality education, irrespective of their financial background, tribe, religion, or state, the loan is available for all Nigerian students

Below Are The Breakdown Of The Student Loan​

The loan can only be accessed to pay school fees, accommodation, textbooks, research work, education materials, or any other purpose that's justified by the institutions of learning. Though the amount to be given will differ from student to student and department to department, as well institution to institution across the nation (Nigeria)

The amount will also differ from Technical Courses to Medical, Educational, and Management, etc as some courses under the umbrella of medical, science, and technical will require more funding than Non-technical and medical

To Be ELIGIBILITY​

Students applying for the Nigeria Students loan must have the following
1. Have secured admission into any Tertiary Institution (Federal or State Universities, Polytechnics, Colleges of Education, or any other Tertiary Institutions)
2. Come from a family with an annual income of less than N500,000 Nigeria currency
3. Provide at least 2 guarantors (Civil Servant above Level 12 or a Lawyer with at least 10 years post-call experience)

DISQUALIFICATION​

Students are disqualified from applying if;
1. If the applicant has defaulted on any loan before ( so is important before you apply as a student to go to your banks and check your credit history)
2. They have proven cases of exam malpractice, as such students stand no chance of getting the Nigeria student loan
3. Should they have ever been convicted of any offense of dishonesty, involve in scam, fraud of any kind
4. Should they have ever been convicted of drug abuse or drug offenses
5. Their parents defaulted on any loan before ( so before you apply kindly ask your parents to also check their credit history) which can be done in banks

HERE ARE METHOD OF APPLICATION FOR THE Nigeria Students Loan​

Take note that all applications will be submitted to the Students Affairs Offices of the respective institutions alongside relevant documents and qualified applications will be forwarded officially by the institution to the Chairman of the Education Bank in their territory.

EDUCATION BANK: What You Need To Know​

The Student Loan Bill will also establish an Education Bank to facilitate the mobilization of funds to provide student loans and also ensure a constant supply of loans to Nigerians for better Tertiary Education in Nigeria. The Bank will start with a share capital of N1 billion at N1/share with Nigeria Federal Government holding 100% of the shares

The Nigeria Student Loan, How Funds Are SOURCE FOR THE BANK​

The bill also establishes a Fund called "Students Loan Fund" which will serve as a fund in the bank to be accessible to students. All monies or any contributions to the fund will be managed by the education bank. The fund will get supply from the following sources.

1. Education Bonds
2. All interests arising from deposits of the bank
3. Education endowment fund schemes
4. 1% of taxes, levels, and duties to the Federal Government through FIRS, NIS, and Customs.
5. 1% of profits from Oil and Other Natural Resources.
6. Grants, Gifts, and any other endowments.

By the signing of the bill this month of June 2023 by President Tinubu, legally all profits and taxes due to the fund under the bill have started counting and will be remitted to the education bank

The Nigeria Student Loan DISBURSEMENT AND REPAYMENT​

The Loan application will be forwarded to the Minister of Education for approval within 30 days of submission to the Bank. And disbursement will be made immediately after Minister's approval. The loan repayment will start 2 years after NYSC, it did not start if the beneficiary is employed or non-employed, but the repayment process will start after 2 years of the NYSC Program

Payments will be 10% direct deductions from the beneficiaries' salary account if employed. If for example, you are working with Nigeria Nig Limited (Note real company) and your salary is N100,000 thousand naira. Then Nigeria Nigeria Limited will be deducting N10,000 from your account and will be remitting the same on your behalf to the Education Bank being repayment for your loan.

While self-employed graduates who benefit from the Nigeria Student load will have only 60 days to document their income statement for deductions. They will also remit 10% of their monthly profits or face a penalty.

NOTE: The bill did not provide an assumption of not getting a job or self-employment after 2 years of NYSC, knowing too well that Nigeria remain the number one most unemployed country in the world. Nigeria still has graduates of 5-10 years without jobs roaming the street

Dealing With DEFAULTERS​

As stated, whoever benefits from the Nigeria student load and refuses to pay back is liable to 2 years imprisonment or a fine of N500,000 Nigerian currency. Also, Sign Up for World Socio and keep reading on the next page.

 

[Watson]

Please keep sharing this thread among our young ones still in school. This is an additional Step on how to apply for the Nigeria Students Loan Scheme and don't forget to Sign Up to WorldSocio and keep learning

Now share among our young great Nigeria students who may need this loan the most. As we all know, the signing of the Student Loan Bill into law by President Bola Tinubu on Monday has a bit brought hope to the Nigerian public, most especially the students.

The bill which will enable Nigerian students to access loans at interest-free rates from the yet to establish Education Bank was approved in November 2022, the bill was passed by the National Assembly. The bill was sponsored by Hon Femi Gbajabiamila. A very Big Thank you to #Gbajabiamila


Checks by The Nation show the bill seeks the establishment of the Nigerian Education Bank, which I stated earlier, and shall have powers to supervise, coordinate, administer, and monitor the management of student loans across the 36 states in Nigeria

The board will also receive applications for student loans through higher institutions in Nigeria on behalf of the applicants (The Students), and screen the applications to ensure that all requirements for the grant of students loan under the Act are satisfied.

In the copy sighted by multiple publications, read “The bank shall also have the powers to approve and disburse the loan to qualified applicants; control and monitor and coordinate the students’ loan account/fund and ensure compliance in respect of disbursement; monitor academic records of grantees of the loan to obtain information on their year of graduation, national service, employment to ensure that grantees of the loan commence repayment of the loan as at when due, among other functions.

“The Bill provides that notwithstanding anything to the contrary contained in other enactments, all students seeking higher education in any public institution of higher learning in Nigeria shall have an equal right to access the loan under this Act without any discrimination arising from gender, religion, tribe, states, position or disability of any kind.

“The loan referred to in this Act shall be granted to students only for the payment of Tuition fees. The grant of the loan to any student under this Act shall be subject to the students/applicant(s) satisfying the requirements and conditions set out under this Act.”

Students applying for the loan must apply and address it to the Chairman of the Nigerian Education Bank through their respective institutions.

Remember all applications forms from every institution must be submitted through the Student 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's affairs officer and addressed to the chairman of the board of the bank.

ALSO, TAK NOTE THAT: Each application must be accompanied by the following:​

1. Copy of the student’s admission letter
2. Letter by the guarantors addressed to the chairman, governing board of the bank recommending the student for the loan and stating that he accepts the liability in the event of default.
3. Each guarantor must submit two passport photographs, the name of the employer, and evidence of being so employed by the named organization.
4. Each institution must ensure that all applications from its school reach the bank not more than 30 days after the close of admission for the academic year.
5. Where the guarantor is self-employed, he must provide particulars of his business as registered with the CAC or any other appropriate authority.