July 23, 2024
How to Apply for Student Loans Bill from FG

How to Apply for a Student Loans Bill from FG

President Bola Tinubu signed the Student Loans Bill from FG into law on June 12, 2023, giving Nigerian students access to interest-free loans. As per The Punch, the action was introduced by Femi Gbajabiamila, the withdrawing speaker of the House of Representatives, and it was given a second perusal in the lower house on May 23, 2023.

Chats on the conceivable presentation of educational expenses in governmentally possessed postsecondary organizations have been set off by the foundation of the training bank. A couple of these foundations have recently pronounced expansions in charge. The activity is seen to tend to the deficiency in advanced education subsidizing.

Students who wish to meet all requirements for these loans should satisfy specific prerequisites as specified by the bill, for example, signing up for a public university, polytechnic, college of education, or other TVET institution in Nigeria. Their yearly pay, either separately or as a family, should not surpass N500,000, and they should supply underwriters who fulfill explicit prerequisites.

Moreover, competitors with a history of loan defaults, test negligence, crimes, drug offenses, or parent defaults won’t be thought about. After these necessities are fulfilled, loan applications will be handled through every institution’s Student Affairs Office. They should be submitted with an introductory letter that is endorsed by the vice-chancellor, head, or other proper authority of the institution.

As indicated by the standards of the restitution, recipients should start making installments two years after completing the National Youth Service Corps program. 10% of the recipient’s pay will be deducted directly from their check by their manager as reimbursement. Independently employed individuals should store 10% of their month-to-month profit in the student loan account; their inability to do so will bring about extreme punishments.

Nigerian Federal Government Student Loans Bill Application Process

  • Access the student loan application form on the CBN website.
  • Complete the application with all necessary documents.
  • Send the application to the university Student Affairs Office with the attached documents.

Read more on ₦1,000,000 FG Loan for MSMEs

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