- Nigeria’s President Bola Tinubu fulfilled a major campaign promise by signing the Student Loan Bill into law, enabling indigent students to access federal government loans for their education.
- To apply for these loans, applicants must meet certain criteria, including having an annual income or family income below N500,000 and not having defaulted on previous loans.
- The application process involves submitting applications through the Students Affairs Office of respective institutions, accompanied by a list of qualified applicants and a cover letter from the institution’s head.
- Repayment begins two years after completing the National Youth Service Corps program and involves a direct deduction from the beneficiary’s salary or a monthly remittance for self-employed individuals.
In a significant development, President Tinubu has signed the Students’ Loan Bill into law, marking the realization of one of his key campaign promises to liberalize education funding in the country.
Mr. Dele Alake, a member of the Presidential Strategic Team, confirmed this to the press on Monday evening.
This act of signing underscores President Tinubu’s commitment to transforming the education sector and providing increased access to financial support for students, as promised during his presidential campaign.
Campaign Promise
Alake emphasized that the details of the loan program will be made available at a later date. He reiterated that President Tinubu’s promise during the presidential campaign to prioritize student loans has been fulfilled. Alake stated,
- “He has just signed that bill into law, which will enable our indigent students to access federal government loans to fund their educational pursuits or careers. This is a common practice in other developed countries around the world.”
How to Apply
Sunday Dare commended the President, noting that affordable education will help uplift Nigerian youth from poverty and give them a chance to succeed. To apply for these loans, applicants must meet the following criteria, as outlined by the Sports Minister, Sunday Dare
Here are the steps to apply for student loans:
- Students who wish to apply for loans under this Act must submit their applications to the Chairman of the Nigerian Education Bank, through their respective institutions. This is possible after fulfilling the following conditions:
- The student must have secured admission into any public Nigerian University, Polytechnic, College of Education, or Technical and Vocational Education and Training (TVET) institution.
- The applicant’s income or family income must be less than N500,000 per annum. Additionally, the applicant must provide at least two civil servants as guarantors, who should be at least in service for not less than 12 years (at a minimum of level 12), a lawyer with at least 10 years of post-call experience, a judicial officer, or a Justice of Peace.
- Students who have previously defaulted on loans, or been found guilty of exam malpractices, felony, or drug offenses will not be considered. Students whose parents have defaulted on previous loans will also be ineligible.
- All applications must be submitted through the Students Affairs Office of each institution. The submission should include 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, along with the student affairs department.
- Any beneficiary of the loan referred to in this Act shall commence repayment two years after completing the National Youth Service Corps (NYSC) program. Repayment will be made through a direct deduction of 10% of the beneficiary’s salary at the source by their employer.
- If the beneficiary is self-employed, they must remit 10% of their total monthly profit to the Student Loan account prescribed by the Bank.