If you’re a Nigerian student feeling discouraged from pursuing a tertiary education because you can’t afford tuition fees, we have good news for you! You’ll soon be able to get a student loan from the government with zero interest!
How’s this possible?
The Student Loan Bill provides public university students with financial assistance through the creation of a Nigerian Education Bank. The Senate and House of Representatives have passed the bill, sponsored by the Speaker of the House of Representatives, Femi Gbajabiamila. We only need President Buhari to sign it into law.
However, as it is with everything concerning Nigeria, getting your credit alert from the government won’t be without some critical conditions. We compiled the most important things Nigerian students should know before applying for a loan if the bill becomes law.
You have to secure admission into a public institution
It goes without saying that you can’t access a student loan without being a student. Only Nigerian students who have gained admission into a public university, polytechnic, or college of education are eligible to apply.
To private university students, the government said:
Your family must be broke
This loan scheme wasn’t made for rich kids. To qualify, you and other members of your family must earn less than ₦500,000 per year. You probably sleep like this every night:
No loans for previous debtors
If you, or even your parents, are yet to pay up on previous government loans, you’re definitely ineligible to apply for a student loan. The government isn’t playing with its money.
No loans for those guilty of exam malpractices
If you have ever cheated in an exam and got caught, no loan for you.
No loans for druggies
If you have a criminal record for using banned substances like cocaine and weed, don’t even bother applying.
How can one repay the loan?
For those lucky enough to secure the bag, you’ll start repaying the loan two years after the completion of the National Youth Service Corps (NYSC) programme. The government will deduct 10% of your salary every month and remit it to the Student Loan account.
How can you apply?
To get started, you have to submit your application and a cover letter explaining why you’re the best fit for the loan via the student affairs office of your institution. You should have the cover letter signed by the head of the institution and the student affairs office.
But remember, nothing happens until this guy signs the bill into law.