How To Apply and Get FGN Student Loan- Nigeria President Bola Ahmed Tinubu Signs Student Loan Bill into Law
On Monday, June 12, 2023, Nigeria’s President Bola Ahmed Tinubu signed the Student Loan bill into law. This will provide students with access to loans for their higher education. You can now proceed to see How To Apply and Get FGN Student Loan
With the law now in effect, the next step is to establish the Nigeria Education Bank. The Education Bank will oversee the loan process under the supervision of the Central Bank of Nigeria.
While the exact implementation date remains unclear, there are several questions arising regarding how this system will work. Let’s address some of them.
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According to the Act that established the loan system, you must apply to the Nigeria Education Bank through the institution you have gained admission to.
The application will go through the Student Affairs Division of each higher institution, and the school will compile a list of candidates to forward to the bank, along with a cover letter from the Vice-Chancellor.
These letters will be addressed to the chairman of the Education Bank, and within 30 days, the disbursement of funds will commence. However, the law also states that each institution must submit their list within 30 days after the close of admissions.
NO APPLICATION PORTAL IS OUT. YOU WILL APPLY VIA YOUR SCHOOL
Applicants must meet the following criteria:
The exact amount that each successful student can borrow is currently not specified in the law signed by President Tinubu.
According to the law, individuals who receive the loan will begin repayment two years after completing their National Youth Service Corps (NYSC) program.
Repayment will be through a direct deduction of 10% of your salary or, if you are self-employed, the government will collect 10% of your total profit each month.
Failure to repay the loan is considered an offense and may result in imprisonment for up to two years or a fine of N500,000, or both.
Students who benefit from the program will begin repayment two years after graduating.
The Education Bank will work with your employer to ensure that the required amount is deducted from your salary. This amount will be deposited into the student loan fund account.
The repayment will be through a direct deduction of 10% of your salary or, if you are self-employed, the government will collect 10% of your total profit each month.
The new Act establishes the Nigerian Education Bank, which will have the power to supervise, coordinate, administer, and monitor student loans in Nigeria.
The bank’s responsibilities include approving and disbursing loans to eligible applicants and monitoring the academic progress of borrowers, including graduation, national service, and employment, to ensure timely loan repayment.
According to the law, the Education Bank will obtain funding through the following means:
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this is good ideas but if you don't have a person that works up to leave 12 in service that means that loan as citizens of the country though the admission letter should qanity a student for the loan.welcome develop.