I noticed some people are happy about the Student Loan!

Some even said "Tinubu can continue, he is taking hard decisions".

For that reason, I have decided to break down the smokescreen called Student Loan

It's just an attempt to remove "Education Subsidy" without causing an uproar.

Now let's dive in:

Who qualifies for the Student Loan:

The simple answer is: NOBODY.

It's almost impossible for you to qualify for the Student Loan and here is why

1. An applicant or his parents must provide tax clearance: This is not totally bad till you see number 2.

2. The Applicant or his parents must be earning total income less than #500k a year. Now slow down and do the maths:

To earn #500k a year means that the husband and wife are earning less than #41,000 a month. That is #20,000 each

While minimum wage is #30,000

Which means if your both parents are earning, you are automatically disqualified because they are either earning more than #41,000 or they do not pay tax because you cannot pay tax on salary below minimum wage.

3. Now here is the high jump of the Act: These 2 people earning less than #50,000 will now have to provide a DIRECTOR IN CIVIL SERVICE and a LAWYER OF 10YEARS IN SERVICE as Guarantor

Take into consideration, yourself doing good for your self, do you know DIRECTOR in Civil Service?

But that is not the worst part;

4. The Director and Lawyer have to surety that if you default, they will pay the loan!

Do you know what that means? NO DIRECTOR WILL TAKE SUCH SURETY.

But here is the worst part:

5. After you meet all these requirements, will you get the loan? NO!

The act said "Loan will be given when funds are available". In other terms, you are still at the mercy of the system!

In summary:

If you add your father and mother's income monthly, it must not be more than #41,000 a month or #500,000 a year

Your father and mother must look for a Director in Civil Service to Surety your loan!

The Director will send his Payslip document to the Bank saying that if you fail to pay, he will pay. Who will do this one for you?

Did I tell you that the Bank MD will be the one to give approval? Bank MD !

Did I also tell you that if you don't start repaying after 2years of graduation, you will go to jail 😩

Many graduates have not even gone to NYSC in 2years after graduation!

The worst part now is: School Fees will go up above the loan amount because Federal Government has announced that they cannot continue to fund University!

So if you are reading this, you are not qualified for the Loan.

Baba dey deceive student

Northern nigeria style of Education for the rich only
Take the trap of a loan and go to jail
The narrative is the same join the army eat corn and get killed or take a loan and die in jail .

Tinubu hate the young .

Tell them ooo

My question is, is it a must for a student to get this loan?

If it is a choice, then let those who want to access it do same.

We fight over things that are minor a lot in this country.

Livelystone01:
My question is, is it a must for a student to get this loan?

If it is a choice, then let those who want to access it do same.

We fight over things that are minor a lot in this country.

wont those people that don't want to take loan be forced to do so or drop out if govt stop funding universities education and school increase the school fees?where are the poor man children going to get 200 to 300k they will be paying for school fees?they will be left with either to take loan or drop

It's not compustry to seek for loan na.

Livelystone01:
My question is, is it a must for a student to get this loan?

If it is a choice, then let those who want to access it do same.

We fight over things that are minor a lot in this country.

if not for their madness,i dont know who compels anyone to colltct the loan...people selling spareparts already too are complaining as if they are even ready to go to school for free.

As usual, if this was done in Ghaña or other country, same u will applaud them and crîtîcîze Nigèria for not doing the same.
All these una online ITK that cañ't bear fruits in life tho

Op why are you wasting your time? The urchins you see are all agberos who do not know how jamb form look like.

Tomorrow Tinubu will tell them that he has approved free feeding and they will be falling upon one another. Any scam is all they need to be happy and you will hear "God bless President PBAT". That was all they did you 8 years, now the country has sank below sea-level

Even with the Explanation some hardened supporters still supports it,The Writer said that School fees price may Skyrocket because students will be charged tuition fees,make una dey use una brain ooo

The students' loan is a poisoned chalice.

It will further impoverish Nigerians & finally end whatever is left of the middle class.

Government will hands off funding Tertiary institutions. So school fees will probably be in the region of between 350k to 600k depending on the program.

Those who should qualify are supposedly the poorest of the poor. Now who will guarantee such a person knowing fully well how difficult it is to get jobs in nigeria.

AntiTerrorist:
I noticed some people are happy about the Student Loan!

Some even said "Tinubu can continue, he is taking hard decisions".

For that reason, I have decided to break down the smokescreen called Student Loan

It's just an attempt to remove "Education Subsidy" without causing an uproar.

Now let's dive in:

Who qualifies for the Student Loan:

The simple answer is: NOBODY.

It's almost impossible for you to qualify for the Student Loan and here is why

1. An applicant or his parents must provide tax clearance: This is not totally bad till you see number 2.

2. The Applicant or his parents must be earning total income less than #500k a year. Now slow down and do the maths:

To earn #500k a year means that the husband and wife are earning less than #41,000 a month. That is #20,000 each

While minimum wage is #30,000

Which means if your both parents are earning, you are automatically disqualified because they are either earning more than #41,000 or they do not pay tax because you cannot pay tax on salary below minimum wage.

3. Now here is the high jump of the Act: These 2 people earning less than #50,000 will now have to provide a DIRECTOR IN CIVIL SERVICE and a LAWYER OF 10YEARS IN SERVICE as Guarantor

Take into consideration, yourself doing good for your self, do you know DIRECTOR in Civil Service?

But that is not the worst part;

4. The Director and Lawyer have to surety that if you default, they will pay the loan!

Do you know what that means? NO DIRECTOR WILL TAKE SUCH SURETY.

But here is the worst part:

5. After you meet all these requirements, will you get the loan? NO!

The act said "Loan will be given when funds are available". In other terms, you are still at the mercy of the system!

In summary:

If you add your father and mother's income monthly, it must not be more than #41,000 a month or #500,000 a year

Your father and mother must look for a Director in Civil Service to Surety your loan!

The Director will send his Payslip document to the Bank saying that if you fail to pay, he will pay. Who will do this one for you?

Did I tell you that the Bank MD will be the one to give approval? Bank MD !

Did I also tell you that if you don't start repaying after 2years of graduation, you will go to jail 😩

Many graduates have not even gone to NYSC in 2years after graduation!

The worst part now is: School Fees will go up above the loan amount because Federal Government has announced that they cannot continue to fund University!

So if you are reading this, you are not qualified for the Loan.

Co-Signed.

AntiTerrorist:
I noticed some people are happy about the Student Loan!

Some even said "Tinubu can continue, he is taking hard decisions".

For that reason, I have decided to break down the smokescreen called Student Loan

It's just an attempt to remove "Education Subsidy" without causing an uproar.

Now let's dive in:

Who qualifies for the Student Loan:

The simple answer is: NOBODY.

It's almost impossible for you to qualify for the Student Loan and here is why

1. An applicant or his parents must provide tax clearance: This is not totally bad till you see number 2.

2. The Applicant or his parents must be earning total income less than #500k a year. Now slow down and do the maths:

To earn #500k a year means that the husband and wife are earning less than #41,000 a month. That is #20,000 each

While minimum wage is #30,000

Which means if your both parents are earning, you are automatically disqualified because they are either earning more than #41,000 or they do not pay tax because you cannot pay tax on salary below minimum wage.

3. Now here is the high jump of the Act: These 2 people earning less than #50,000 will now have to provide a DIRECTOR IN CIVIL SERVICE and a LAWYER OF 10YEARS IN SERVICE as Guarantor

Take into consideration, yourself doing good for your self, do you know DIRECTOR in Civil Service?

But that is not the worst part;

4. The Director and Lawyer have to surety that if you default, they will pay the loan!

Do you know what that means? NO DIRECTOR WILL TAKE SUCH SURETY.

But here is the worst part:

5. After you meet all these requirements, will you get the loan? NO!

The act said "Loan will be given when funds are available". In other terms, you are still at the mercy of the system!

In summary:

If you add your father and mother's income monthly, it must not be more than #41,000 a month or #500,000 a year

Your father and mother must look for a Director in Civil Service to Surety your loan!

The Director will send his Payslip document to the Bank saying that if you fail to pay, he will pay. Who will do this one for you?

Did I tell you that the Bank MD will be the one to give approval? Bank MD !

Did I also tell you that if you don't start repaying after 2years of graduation, you will go to jail 😩

Many graduates have not even gone to NYSC in 2years after graduation!

The worst part now is: School Fees will go up above the loan amount because Federal Government has announced that they cannot continue to fund University!

So if you are reading this, you are not qualified for the Loan.

Reading the fine print of the qualification process for this loan, the first guarantor is described as any civil servant above the pay rate of 12.1. Since I have no idea about pay rate numerical designations in Nigeria's civil service, are you saying that anyone above the pay rate 12.1 in government service will be a director by definition?

I ve told you guys before, baba has no go plans for Nigerians, d things he seem to be doing are just smoke screen, dey are all mirage.

Loans are taken voluntarily. Many people take up loans to support their business but find it strange to take up loans that gives them the means to education which prepares them for the future.

If you or your parents can afford it, please don't take it. The schools we use to japa to America and Europe pay 1000 times of what we pay here but we will still gather it and pay it. In America the average university fee for international students is 20,000 dollars, we still pay it. The average American pays at least 10,000 dollars for fees a session with the government subsidizing the rest. That is why the quality of their education is good. You can't insist on paying N30,000 and be expecting quality education. The lectures are on strike half the sessions. The quality of lecturers is abysmal to say the least. With enough funding, the schools can attract quality lecturers not all this cut and paste randy lecturers. Students can begin to demand quality service because they know they must get value for the money they paid. In other climes, except for a few countries, it is only the elementary and secondary schools that are free, students must pay for university education.

We laud other countries for giving support to students through student loans but curse our own government for doing the exact thing. In America, people are still paying student loan 5 - 6 years after graduation. Loans are paid over a period of time. They are not paid up in a day, moreover this is an interest free loan what else do you want?

Many Nigerians take up exorbitant interest loans from those loan apps and never pay back. The problem is not the loan, the problem is that many people opposing the loan aren't planning to pay back and they are worried the government can track them unlike the online loan apps.

dealslip:
Loans are taken voluntarily. Many people take up loans to support their business but find it strange to take up loans that gives them the means to education which prepares them for the future.

If you or your parents can afford it, please don't take it. The schools we use to japa to America and Europe pay 1000 times of what we pay here but we will still gather it and pay it. In America the average university fee for international students is 20,000 dollars, we still pay it. The average American pays at least 10,000 dollars for fees a session with the government subsidizing the rest. That is why the quality of their education is good. You can't insist on paying N30,000 and be expecting quality education. The lectures are on strike half the sessions. The quality of lecturers is abysmal to say the least. With enough funding, the schools can attract quality lecturers not all this cut and paste randy lecturers. Students can begin to demand quality service because they know they must get value for the money they paid. In other climes, except for a few countries, it is only the elementary and secondary schools that are free, students must pay for university education.

We laud other countries for giving support to students through student loans but curse our own government for doing the exact thing. In America, people are still paying student loan 5 - 6 years after graduation. Loans are paid over a period of time. They are not paid up in a day, moreover this is an interest free loan what else do you want?

Many Nigerians take up exorbitant interest loans from those loan apps and never pay back. The problem is not the loan, the problem is that many people opposing the loan aren't planning to pay back and they are worried the government can track them unlike the online loan apps.

Do you share the opinion of the OP that the CONDITIONS set to qualify for these loans are IMPOSSIBLE to meet by most applicants?

Jakumo:


Do you share the opinion of the OP that the CONDITIONS set to qualify for these loans are IMPOSSIBLE to meet by most applicants?

I do not share the opinion because those are the most lenient conditions precedent to drawing on the student loan. This is an interest free loan, the conditions are a form of collateral/guarantee. Even when you want to borrow loans with interest, you must provide a guarantor - a corporate or individual. You must provide a collateral too.

dealslip:

I do not share the opinion because those are the most lenient conditions precedent to drawing on the student loan.

Thanks for this response. Can I conclude from your opinion that students whose parents do draw very low incomes SHOULD go ahead and apply for these loans, meaning that the pessimistic view expressed by the OP with respect to the difficulty of obtaining such loans is NOT a true representation of the actual loan qualification process?

Jakumo:


Thanks for this response. Can I conclude from your opinion that students whose parents do draw very low incomes SHOULD go ahead and apply for these loans, meaning that the pessimistic view expressed by the OP with respect to the difficulty of obtaining such loans is NOT a true representation of the actual loan qualification process?

Yes they should go ahead.

dealslip:


Yes they should go ahead.

Much obliged. This clarification is appreciated. It will be interesting to hear back from those who apply, as to how their experiences compare with the gloom and doom predictions of the OP regarding the criteria for applying to obtain this loan.

We wait till it kick-starts but since it's one of his campaign promises and has been signed,we'd give him that benefit of doubt.

Tinubu administration will not fund Boko Haram, defaulters of the so called student loan will be drafted to go face Boko Haram. He already told you people that corp members are fit to go for combat.

Happy student loan.
But know this, the moment you applied (that's if you're successful with it) you and your generation will be INDEBTED to tinubu and his family for the rest of your lives.

Wailers should rest IJN

AntiTerrorist:
I noticed some people are happy about the Student Loan!

Some even said "Tinubu can continue, he is taking hard decisions".

For that reason, I have decided to break down the smokescreen called Student Loan

It's just an attempt to remove "Education Subsidy" without causing an uproar.

Now let's dive in:

Who qualifies for the Student Loan:

The simple answer is: NOBODY.

It's almost impossible for you to qualify for the Student Loan and here is why

1. An applicant or his parents must provide tax clearance: This is not totally bad till you see number 2.

2. The Applicant or his parents must be earning total income less than #500k a year. Now slow down and do the maths:

To earn #500k a year means that the husband and wife are earning less than #41,000 a month. That is #20,000 each

While minimum wage is #30,000

Which means if your both parents are earning, you are automatically disqualified because they are either earning more than #41,000 or they do not pay tax because you cannot pay tax on salary below minimum wage.

3. Now here is the high jump of the Act: These 2 people earning less than #50,000 will now have to provide a DIRECTOR IN CIVIL SERVICE and a LAWYER OF 10YEARS IN SERVICE as Guarantor

Take into consideration, yourself doing good for your self, do you know DIRECTOR in Civil Service?

But that is not the worst part;

4. The Director and Lawyer have to surety that if you default, they will pay the loan!

Do you know what that means? NO DIRECTOR WILL TAKE SUCH SURETY.

But here is the worst part:

5. After you meet all these requirements, will you get the loan? NO!

The act said "Loan will be given when funds are available". In other terms, you are still at the mercy of the system!

In summary:

If you add your father and mother's income monthly, it must not be more than #41,000 a month or #500,000 a year

Your father and mother must look for a Director in Civil Service to Surety your loan!

The Director will send his Payslip document to the Bank saying that if you fail to pay, he will pay. Who will do this one for you?

Did I tell you that the Bank MD will be the one to give approval? Bank MD !

Did I also tell you that if you don't start repaying after 2years of graduation, you will go to jail 😩

Many graduates have not even gone to NYSC in 2years after graduation!

The worst part now is: School Fees will go up above the loan amount because Federal Government has announced that they cannot continue to fund University!

So if you are reading this, you are not qualified for the Loan.

All this long thing because of Tinubu. .

Same Nigerian that paid 25k -125k in federal and state university will later go pay 5million in tuition fee to study in foreign university. Nigeria university education is beyond cheap, very unsustainable.

Ruggedniggaone:
wont those people that don't want to take loan be forced to do so or drop out if govt stop funding universities education and school increase the school fees?where are the poor man children going to get 200 to 300k they will be paying for school fees?they will be left with either to take loan or drop

Has the government said they'll increase tuition fee?

The truth is that you guys know nothing can be done at this stage as it has been signed but you still waste time to talk about it.

Some things are not even worth repeating...

Livelystone01:
My question is, is it a must for a student to get this loan?

If it is a choice, then let those who want to access it do same.

We fight over things that are minor a lot in this country.

you don't understand. Government said funding of universities would stop... meaning unis would provide funds for themselves....how would this be done? it means school fees in all government uni would increase.... meaning more hardship for parents paying the fee....u get it now?. Now the loan comes in to help students pay their fees but the loan in disguise is a means through which the current government wants to steal money by issuing loans to ghost students? u get it now abi. Una never see anything...wrong policies everywhere and you are rejoicing because you are Tinubu fans

Livelystone01:

Has the government said they'll increase tuition fee?

The truth is that you guys know nothing can be done at this stage as it has been signed but you still waste time to talk about it.

Some things are not even worth repeating...

u are asking whether government said they will increase tuition fee...now I see u have a low mind. I didn't know someone has already told u what I said above... just wasted 7 minutes of my precious time replying you.

obawinner:
Same Nigerian that paid 25k -125k in federal and state university will later go pay 5million in tuition fee to study in foreign university. Nigeria university education is beyond cheap, very unsustainable.

Tell us what percentage of the total Nigerian students that paid 25k-125k in our very own universities goes out to pay millions in foreign unis?

9182736455O1999:

Tell us what percentage of the total Nigerian students that paid 25k-125k in our very own universities goes out to pay millions in foreign unis?

Alot, education globally is expensive except someone is paying it.
The student loan bill isnt perfect on first trial, but with development and progress it will keep getting better.
is it a first giant step in education fiancing, YES.
is it perfect, NO.
Foreign uni's we judge ourselves on dont have it perfect on first trial.