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Breakdown Of The Student Loan Bill - Education - Nairaland

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Breakdown Of The Student Loan Bill by nlfpmod: 9:27pm On Jun 12, 2023
BREAKDOWN OF THE STUDENT'S LOAN

President Tinubu signs the student's loan bill into law which seeks to provide financial solution to Nigerian Students for the purpose of Tertiary Education.

Here are few things you need to know about the bill;

PURPOSE OF THE LOAN

The loan can be accessed for the purpose of paying school fees, accommodation, textbooks, research, education materials or any other purpose that's justified by the institutions. The amount will differ from student to student and department to department. Technical Courses will require more funding than Non-technical.

ELIGIBILITY
Students applying for the loan must;
1. Have secured an admission into any Tertiary Institution (Federal or State Universities, Polytechnics, Collages of Education or any other Tertiary Institutions)
2. Come from a family with an annual income of less than N500,000.
3. Provide at least 2 guarantors (Civil Servant above Level 12 or Lawyer with at least 10 years post-call experience)

DISQUALIFICATION
Students are disqualified from applying if;
1. They have defaulted in any loan before (go to your banks and check your credit history ooh before you come online and be insulting government on top of loan you refused to pay from Kuda, Palmpay or NIRSAL)
2. They have proven case of exam malpractice
3. They have ever been convicted for any offense of dishonesty or fraud (yahoo boys una weldon ooh)
4. They have ever been convicted of drug abuse
5. Their parents defaulted on any loan before (ask your parents to also check their credit history)

METHOD OF APPLICATION
Applications will be submitted to the Students Affairs Offices of the respective institutions alongside relevant documents and qualified applications will be forwarded officially by the institution to the Chairman of the Education Bank in their territory.

WHAT IS EDUCATION BANK AGAIN?

The Student Loan Bill will also establish an Education Bank with the purpose of facilitating the mobilization of funds to provide the students loan and also ensure constant supply of the loans to Nigerians for better Tertiary Education in Nigeria. The Bank will start with a share capital of N1billion at N1/share with FG holding 100% of the shares.

SOURCE OF FUNDS FOR THE BANK
The bill also establishs a Fund called "Students Loan Fund" which will serve as the fund in the bank to be accessible by students. All monies or any contributions to the fund will be managed by the education bank. The fund will get supply from the following sources;

1. Education Bonds
2. All interests arising from deposits of the bank
3. Education endowment fund schems
4. 1% of taxes, levels and duties to FG through FIRS, NIS and Customs.
5. 1% of profits from Oil and Other Natural Resources.
6. Grants, Gifts, and any other endowments.

By the signing of the bill today, legally all profits and taxes due to the fund under the bill will start counting.

DISBURSEMENT AND REPAYMENT

The Loan application will be forwarded to the Minister of Education for approval within 30 days of submission to the Bank. And disbursement will be made immediately after Minister's approval.

The loan repayment will start 2 years after NYSC. Payments will be 10% direct deductions from beneficiaries salary account. If for example you are working with INGAWA Nig Limited and your salary is N100k. Then Ingawa Nigeria Limited will be deducting N10k and remit same on your behalf to the Education Bank being repayment for your loan.

Self employed gradautes will have only 60 days to document their income for deductions. They will also remit 10% of their monthly profits or face penalty.

The bill did not provide assumption of not getting a job or self employment after 2 years when we have graduates of 5-10years without jobs. Even though thats a way of pushing them to be self employed and produce for the nation.

DEFAULTERS

Whoever benefits and refuses to pay back for his younger ones to benefit is liable to 2 years imprisonment or a fine of N500,000.

https://twitter.com/MSIngawa/status/1668343172886409216?t=oDxB8mDINHEiYFJYNDP3Bg&s=08

86 Likes 11 Shares

Re: Breakdown Of The Student Loan Bill by MorataFC: 9:30pm On Jun 12, 2023
Good news,
chai,may God forgive those of us who don't believe in you.

216 Likes 20 Shares

Re: Breakdown Of The Student Loan Bill by Ezigboune: 9:30pm On Jun 12, 2023
This is a wrong move from the president

___________________________________________

All those in my mention crying 😂 🤣 🤣 🤣 🤣 🤣 🤣 😂 😂 😂 😂 🤣

I will drink your tears when you can't access the loan and relealize it's only vivid imagination

Tell me how a graduate can payback the loan when there are no jobs, remember the consequence of defaulters is jail(let's not even talk about that one now). Let's be realistic in today's Nigeria, an average Nigerian graduate hasn't achieved anything in two years, so where do you intend to get the money and payback the loan. Create jobs or rather make the jobs accessible to the poor man.

Give them hope and not something that looks like hope.


Even the loan will even be a means for some group of people to cash out.

31 Likes 10 Shares

Re: Breakdown Of The Student Loan Bill by armyjassy101(m): 9:31pm On Jun 12, 2023
God bless Jagxban

80 Likes 3 Shares

Re: Breakdown Of The Student Loan Bill by braine(m): 9:31pm On Jun 12, 2023
Nice.


Tinubu has done better in 3 weeks than Bubu in 4 years.

206 Likes 12 Shares

Re: Breakdown Of The Student Loan Bill by Alasi20(m): 9:31pm On Jun 12, 2023
May your regime be a fruitful and peaceful one to us Nigerians 🤲

Weldon and ride on PBAT 🤝

87 Likes 4 Shares

Re: Breakdown Of The Student Loan Bill by creolehunt: 9:31pm On Jun 12, 2023
Great.

But as with other things "Nigerian", you'll find that corruption will frustrate this policy.

Soon you'll start hearing that people were asked to pay some sorta bribe before they can receive the loan or that they were requested to bring a referee who kist be a senator or governor.

78 Likes 4 Shares

Re: Breakdown Of The Student Loan Bill by deji17: 9:32pm On Jun 12, 2023
It's a new dawn!

31 Likes 2 Shares

Re: Breakdown Of The Student Loan Bill by Frank688915: 9:32pm On Jun 12, 2023
cool

6 Likes 1 Share

Re: Breakdown Of The Student Loan Bill by ruggedtimi(m): 9:32pm On Jun 12, 2023
Him try

10 Likes 1 Share

Re: Breakdown Of The Student Loan Bill by UptownVibes(m): 9:32pm On Jun 12, 2023
cheesy fg knows fairmoney and students are one. Many students already defaulted these loan apps.. They are disqualified already.. The loan will still be for selected few.. cheesy

30 Likes 3 Shares

Re: Breakdown Of The Student Loan Bill by slawomir: 9:32pm On Jun 12, 2023
Damnnn niggar

Isoright

3 Likes 2 Shares

Re: Breakdown Of The Student Loan Bill by PlutoChief: 9:32pm On Jun 12, 2023
Nice one PBAT

13 Likes 4 Shares

Re: Breakdown Of The Student Loan Bill by Samirana360(m): 9:32pm On Jun 12, 2023
I remember Dr Chris ngige of anambra state ... when he stole peter obi’s Mandate and started working hard to win the heart of anambra people but at the end he was kicked out by the the court. So tinubu if u like turn urself to messiah just know u r working with a stolen mandate.. thank u and goodnight

113 Likes 16 Shares

Re: Breakdown Of The Student Loan Bill by Wealthoptulent(m): 9:32pm On Jun 12, 2023
PALMPLAY*studentVersion

11 Likes 1 Share

Re: Breakdown Of The Student Loan Bill by lipstick1(f): 9:33pm On Jun 12, 2023
Good one
Re: Breakdown Of The Student Loan Bill by MorataFC: 9:33pm On Jun 12, 2023
Ezigboune:
This is a wrong move from the president
What?

60 Likes 4 Shares

Re: Breakdown Of The Student Loan Bill by Xbox2005(m): 9:33pm On Jun 12, 2023
Jagaban of borgu.you are just shaming your enemies.God bless you sir

65 Likes 8 Shares

Re: Breakdown Of The Student Loan Bill by MISTAICEY02288(m): 9:33pm On Jun 12, 2023
Good

5 Likes 1 Share

Re: Breakdown Of The Student Loan Bill by drizslim(m): 9:33pm On Jun 12, 2023
Tinubu means well though but if u steal my car & drives it, + maintains it very well, it still doesn't stop u from being a thief

39 Likes 4 Shares

Re: Breakdown Of The Student Loan Bill by YoungLionken(m): 9:33pm On Jun 12, 2023
Honestly, I really commend BAT on this great fit. He will no doubt, perform well in his first tenure. Another thing I like is that, he's active with action..

Imagine having another Umaru Musa Yar'Adua (in performance) in BAT, it would really be a dream come true..

However, I didn't really like how the just concluded election was manipulated for his sake, the stabbing of that woman, thugs parading weapons and death scores. No regards for the Nigerian blood...

15 Likes 1 Share

Re: Breakdown Of The Student Loan Bill by Silvoclairea: 9:33pm On Jun 12, 2023
How many times are they breaking it down.

2 Likes 1 Share

Re: Breakdown Of The Student Loan Bill by YeyeGbami: 9:34pm On Jun 12, 2023
lol

2 Likes

Re: Breakdown Of The Student Loan Bill by AlphaWolf27: 9:34pm On Jun 12, 2023
Ezigboune:
This is a wrong move from the president

E be like say you dey owe palmpay

43 Likes 6 Shares

Re: Breakdown Of The Student Loan Bill by Olarewaju89: 9:34pm On Jun 12, 2023
grin

I can't apply because of sokoloan and the rest. grin grin

14 Likes 2 Shares

Re: Breakdown Of The Student Loan Bill by KonceptzOnpoint(m): 9:34pm On Jun 12, 2023
So those with outstanding debts with palmpay and others are not eligible.

Nice one FG

26 Likes

Re: Breakdown Of The Student Loan Bill by mactoni91(m): 9:34pm On Jun 12, 2023
.
Re: Breakdown Of The Student Loan Bill by Tektronics12: 9:34pm On Jun 12, 2023
You dey Craze..?
Ezigboune:
This is a wrong move from the president

26 Likes 3 Shares

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