How to benefit from di Student Loan Bill wey lawmakers pass

Nigeria lawmakers recently pass di Student Loan Bill.

Di bill wey di Speaker of di Federal House of Representatives sponsor for 2019 go enable students get access to interest-free loans from di Nigerian Education Bank wey dis Act go establish.

Di speaker say di reason for di bill na sake of di poor state of tertiary education for di kontri.

“Dis na time fro us to begin tink outside di box. Dis na time for us to begin dey dey look international best practices.”

Di lawmakers bin pass di bill earlier dis year and forward am go Senate wey also don pass di bill.

Dem go send clean copy give President Muhammadu Buhari for im assent.

So dis na wetin dey di bill and how students go fit access am.

Wetin dey di Bill

Di Bill wey dey titled “Students Loan (Access to Higher Education) Bill 2019 go provide easy access to higher educations for Nigerians through interest-free loans from di Nigerian Education Bank interest wey di Act go establish.

Di bill dey seek di establishment of di Nigerian Education Bank, wey go get di powers to supervise, coordinate, administer, and monitor di management of student loans for Nigeria and receive applications for student loans through higher institutions for Nigeria on behalf of di applicants.

Di bank go also screen applications to ensure say all di requirements for di grant of students loan under di Act dey satisfied.

According to di statement, di bank also get di power to approve and disburse di loan to qualified applicants. Dem also get di power to control, monitor and coordinate di students loan account/fund and ensure compliance in respect of disbursement.

Di bank go also monitor academic records of students to obtain information on dia year of graduation, national service, employment to ensure say dem commence repayment of di loan as at wen due.

All students wey wan access di loan go get equal right and nobody go experience discrimination, di statement tok.

“Di loan referred to for dis Act shall dey granted to students only for di payment of tuition fees. Di grant of di loan to any student under dis Act shall dey subject to di students/applicant(s) satisfying di requirements and conditions wey dey set out under dis Act,” di statement add.

How students go fit access di loan

Di speaker highlight conditions wey students must meet before dem go fit access di loan:

- Di applicant must be student of any tertiary institution for Nigeria.

- Applicant go provide at least two civil servants wey go act as guarantors, and di guarantors suppose don spend minimum of 12 years for service, or lawyer wey don get at least 10 years post-call experience; Judicial officer; or Justice of Peace.

- Student wey dey convicted of crime no go fit apply for di loan.

- Students wey don default for previous loans or wey dem find guilty of exam malpractices, felony, drug offenses no go dey eligible for di loan. Students with parents wey no pay back previous loans no go dey considered.

- Beneficiary of di loan go pay back two years afta e complete di compulsory National Yout Service Corps - Repayment go be by direct deduction of 10% from di beneficiary salary

- If di beneficiary dey seif employed, e gaz remit 10% of im total profit monthly to di Students loan account wey di bank go give am.

- To access d loan, you gazz be student and you gazz apply to di chairman of di bank through your school.

- All Applications go dey submitted through di Students Affairs Office of each Institution through list of qualified applicants from dat institution.

- Dem gazz use cover letter wey di Vice-chancellor or Rector or di head of di institution and di student affairs sign.

- Once di loan dey approved, di bank go pay am directly to di school account andno be say dem go give di student cash.

- Di process of application must be within 30 days of submission

- Student loan scheme na something wey most kontris across di world like UK, US among odas dey do to help dia young students fit get access to quality education.