Student Loan Bill: How to Apply For Student Loan in Nigeria

After President Bola Tinubu signs the Student Loan Bill, which grants students access to loans for higher education, into law, applicants are expected to apply for the loan.

President Tinubu signed a measure into law on Monday, June 12, to assist struggling students in getting loans for university education.

The procedure would be supervised by the Central Bank of Nigeria through the yet-to-be-established Nigeria Education Bank, according to BBC Pidgin.

ASUU reacts to President Tinubu’s freshly signed student loan act As of now, no date for the start of the process has been specified. However, issues about how to proceed with the application have surfaced.

In this article, StudyLoaded.com has shared every detail of information you need to know about Student Loan Bills, How to Apply For Student Loan in Nigeria, Who can apply for Tinubu student loan in Nigeria, What is the Repayment Period or Plan, What banks offer Student Loans in Nigeria and their requirements.

What is a Student Loan?

A student loan was created to assist students in paying for their education and associated fees. This loan is different from other types of loans in that the interest rate is lower and the repayment schedule is much more flexible.

An Overview of the Student Loan Bill in Nigeria

This legislation, commonly known as the Student Loan Act, creates the Education Loan Fund to help Nigerians in financing their higher education.

Students can repay the loan in installments beginning two years after completing their participation in the National Youth Service Corps (NYSC) program under this arrangement.

The measure was reintroduced in 2019 by Femi Gbajabiamila, the immediate past Speaker of the House of Representatives, and received increasing attention from the National Assembly in November 2022.

Notably, this occurred just after the nation’s university workers’ union went on strike for eight months to protest bad working conditions and other issues.

The Fund, according to the newly passed laws, will be funded from multiple routes and will engage in other constructive activities.

The recently passed act states that the Fund will be funded through multiple routes and will engage in other constructive undertakings.

The Act indicates several funding sources, including 1% of all federal government profits from oil and other minerals, as well as 1% of taxes, levies, and duties collected by the Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS), and Nigerian Customs Service (NCS).

Furthermore, the Education Loan Fund will be funded through education bonds and endowment fund schemes. Furthermore, donations, gifts, grants, and endowments will be accepted, as would any cash earned from other sources to support the Education Loan project.

How to Apply For Student Loan in Nigeria: https://studyloaded.com/how-to-apply-for-student-loan-in-nigeria/

Na who wan collect that poison?