Nigerian president, Bola Tinubu
On Monday 12 June, 2023, Nigeria President Bola Ahmed Tinubu sign di Student Loan bill wey go give students access to loans for dia higher education into law.
As di Presido don sign into law wetin remain na for work to start to create di Nigeria Education Bank wey go take charge of di process under di supervision of di Central Bank of Nigeria.
As tins stand now, e never really clear wen di law go take effect but plenti questions don begin come out as to how all dis go work.
Make we try ansa some of dem.
Who qualify to get di loan?
To dey eligible for dis loan. you must first of all don already get admission to any state or federal goment university, polytechnic, college of education or vocational school.
Your income or your family income must to dey less dan N500,000.
You must to bring guarantors wey be civil servants and dem must to don work reach 12 years for di service.
You fit also bring lawyer wey don get reach 10 years experience or any judicial officer or justice of peace (JP).
How I fit apply for di loan?
Wen time reach to apply for di student loan according to di Act wey establish am, pesin go apply to di Nigeria Education Bank through di institution e just get admission into.
Di letter go go through Student Affairs Division of each higher institution and na from dia di school go compile list of candidates to forward to di bank togeda with cover letter from di Vice Chancellor.
Di letters go dey addressed to di chairmo of di Education Bank and within 30 days, disbursement of di money go start but di law tok say each institution must also submit all dia list not more dan 30 days after close of admissions.
Applicant must also meet di following criteria.
Criteria for applicant to qualify for loan
Na for all students wey wan get higher education from public institutions of higher learning inside di kontri.
Students wey want private higher institutions of higher education no follow for dis arrangement.
Di loan na for every student e no mata weda you be man or woman or any oda gender, Muslim or Christian.
Your tribe no get anytin to do wit di loan
Weda you get any kain disability no affect you to get di loan at all.
Di loan for dis Act na only for students wey wan pay school fees.
If you dey fine pocket money or money for project or dat kain tin, dis loan no be for you.
Dem go check background to make sure say applicant neva default on any previous loan e take from any oda organisation.
How much student go fit collect as loan?
As of now, e no dey clear di amount each successful student go fit collect as loan wen di time reach.
Na sometin wey di law no explain inside di material wey President Tinubu sign into law.
Sadiq Aminu na education expert and e tok say di way e dey see am, di amount given to students go vary base on di institution, course of study and duration.
“Why I tok so be say parts of students wey go benefit from dis loan na students wey belong to vocational training centres and not universities so di money no fit be di same.”
“And even for Universities, students wey dey study medicine and surgery or Engineering suppose collect money pass Arts or Social Sciences students wey require less text books and practicals.”
Na true say pesin wey no pay back go go prison?
According to di law, anybody wey collect di loan go begin to repay am, two years afta e finish e National Youth Service Corp (NYSC) programme.
Di repayment go be direct deduction of 10% of your salary from source or If you dey sef employed, goment go collect 10% of your total profit each month.
If you fail to payback di loan, di law go find you guilty of an offence, and e fit land you two years in prison or N500,000 fine or both.
Wen I go start to pay back?
Students wey benefit from di program go begin pay di money back afta two years of graduation.
Di Education Bank go collabo wit your employer to make sure say dem deduct di required amount from your salary and pay am back to di student loan fund account.
Di repayment go be direct deduction of 10% of your salary from source or If you dey sef employed, goment go collect 10% of your total profit each month.
Who go administer di loans?
Di new Act go establish di Nigerian Education Bank wey go get di power to "supervise, coordinate, administer and monitor di management of student loan for Nigeria."
Part of di work of di Nigeria Education Bank no be only to approve and disburse loans to qualified applicants, dem also get di responsibility to monitor you to know wen you graduate.
Section 6 (f) of di act say di bank go “monitor” your academic records to get informate of your “year of graduation, national service, employment,” to make sure say you begin repay di loan as at wen due.
Dem go collabo wit your employer to make sure say dem deduct di required amount from your salary and pay am back to di student loan fund account.
Na wia di Education Bank go get dia money from?
According to di law, di bank go use di following ways to get money wey dem go use operate.
- 1 % of all taxes and levies wey goment go get from Federal Inland Revenue Service, Nigeria Customs and Nigeria Immigration Service.
- Education Bond
- All interests wey go come from normal deposits for di bank.
- Education endowment fund schemes
- Donations, gifts and goment grants
- Oda savings and interest from di investment wey di bank make.
Wetin ASUU and odas dey tok about di new law
Di Academic Staff Union of Universities, ASUU, tok say dem go react soon to di new law likewise dia polytechnic counterpart ASUP.
But on di oda hand, di National Association of Nigerian Students Zone D coordinator Adejuwon Emmanuel for statement call am way forward for Nigerian students because di law go assist students wey dia parents no go fit pay dia tuition.
But on di hand, e tell federal goment to siddon work again on di repayment plan considering say no be every graduate go start work afta two years of graduation.
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