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As respite came the way of Nigerian students over the announcement of signing Education Loan Bill into law by President Bola Tinubu, students are faced with uphill tasks to access the loan.
According to the Education Loan Law, all the students of higher institutions are eligible to seek the loan.
An education bank charged with disbursing the loan will be established, and students will be monitored after taking the loan.
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It is also stipulated by the law that students applying for the loan under the act must apply to the Chairman of the bank through their respective institutions.
Students must have secured admission into any public Nigerian university, polytechnic, college of education, or VET school.
Applicants’ family income must be less than N500,000 per annum.
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 malpractice, felony, drug offences will not be considered, as students whose parents have defaulted in respect of previous loans will not be considered neither.
Applications are to 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, Rector or the head of the institution and the students affairs.
Beneficiaries of the loan will commence payment two years after completion of the Youth Service Corps programme.
It will be recalled that students Loan Bill, which is now 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 the Chief of Staff to the President, Hon. Femi Gbajabiamila.
Photo credit: naijamobile.com
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