President Tinubu sign student loan bill into law - how you fit apply

President Bola Tinubu don sign into law di national students loan amendment bill wey go give access to students wey wan collect loans for dia higher education.

For March, di National Assembly bin pass di student loan bill afta President Bola Tinubu bin write di lawmakers say make dem cancel di one wey bin dey bifor, den to re-do di loan law again.

Di president add say make dem make amendments to di new law wia dem go tok who dey eligible to apply and how dem go fund di loan.

On Wednesday 20 March, di Senate and di House of Representatives bin pass di bill wey dem name ‘Access to Higher Education Act (Repeal and Re-Enactment) Bill, 2024’.

Di bill sharpaly pass through all di stages of di readings for di National Assembly as dem adjust some of di challenges wey bin dey inside di student loan bill wey pipo bin sabi as Nigerian Education Loan Fund (NELF).

As tins be now, di Senate go need present di bill give president Tinubu so im go sign am into law bifor e go take effect.

E also neva dey clear wen student go fit dey able to access di loan.

You go go prison if you no pay back di student loan? - Ansas to some questions around di new law Tinubu sign

On Monday 12 June, 2023, Nigeria President Bola Ahmed Tinubu sign di Student Loan bill wey go give students access to loans for dia higher education into law.

As di Presido don sign into law wetin remain na for work to start to create di Nigeria Education Bank wey go take charge of di process under di supervision of di Central Bank of Nigeria.

As tins stand now, e never really clear wen di law go take effect but plenti questions don begin come out as to how all dis go work.

Make we try ansa some of dem.

Who qualify to get di loan?

To dey eligible for dis loan. you must first of all don already get admission to any state or federal goment university, polytechnic, college of education or vocational school.

Your income or your family income must to dey less dan N500,000.

You must to bring guarantors wey be civil servants and dem must to don work reach 12 years for di service.

You fit also bring lawyer wey don get reach 10 years experience or any judicial officer or justice of peace (JP).

How I fit apply for di loan?

Wen time reach to apply for di student loan according to di Act wey establish am, pesin go apply to di Nigeria Education Bank through di institution e just get admission into.

Di letter go go through Student Affairs Division of each higher institution and na from dia di school go compile list of candidates to forward to di bank togeda with cover letter from di Vice Chancellor.

Di letters go dey addressed to di chairmo of di Education Bank and within 30 days, disbursement of di moni go start but di law tok say each institution must also submit all dia list not more dan 30 days after close of admissions.

Applicant must also meet di following criteria.

Criteria for applicant to qualify for loan

Na for all students wey wan get higher education from public institutions of higher learning inside di kontri.

Students wey want private higher institutions of higher education no follow for dis arrangement.

Di loan na for every student e no mata weda you be man or woman or any oda gender, Muslim or Christian.

Your tribe no get anytin to do wit di loan

Weda you get any kain disability no affect you to get di loan at all.

Di loan for dis Act na only for students wey wan pay school fees.

If you dey fine pocket moni or moni for project or dat kain tin, dis loan no be for you.

Dem go check background to make sure say applicant neva default on any previous loan e take from any oda organisation.

How much student go fit collect as loan?

As at June 2023 wey di presidency bin announce informate about dis loan, e no dey clear di amount each successful student go fit collect as loan wen di time reach.

Na somtin wey di law no explain inside di material wey President Tinubu sign into law.

Sadiq Aminu na education expert and e tok say di way e dey see am, di amount given to students go vary base on di institution, course of study and duration.

“Why I tok so be say parts of students wey go benefit from dis loan na students wey belong to vocational training centres and not universities so di moni no fit be di same.”

“And even for Universities, students wey dey study medicine and surgery or Engineering suppose collect moni pass Arts or Social Sciences students wey require less text books and practicals.”

Na true say pesin wey no pay back go go prison?

According to di law, anybody wey collect di loan go begin to repay am, two years afta e finish e National Youth Service Corp (NYSC) programme.

Di repayment go be direct deduction of 10% of your salary from source or If you dey sef employed, goment go collect 10% of your total profit each month.

If you fail to payback di loan, di law go find you guilty of an offence, and e fit land you two years in prison or N500,000 fine or both.

Wen I go start to pay back?

Students wey benefit from di program go begin pay di moni back afta two years of graduation.

Di Education Bank go collabo wit your employer to make sure say dem deduct di required amount from your salary and pay am back to di student loan fund account.

Di repayment go be direct deduction of 10% of your salary from source or If you dey sef employed, goment go collect 10% of your total profit each month.

Who go administer di loans?

Di new Act go establish di Nigerian Education Bank wey go get di power to "supervise, coordinate, administer and monitor di management of student loan for Nigeria."

Part of di work of di Nigeria Education Bank no be only to approve and disburse loans to qualified applicants, dem also get di responsibility to monitor you to know wen you graduate.

Section 6 (f) of di act say di bank go “monitor” your academic records to get informate of your “year of graduation, national service, employment,” to make sure say you begin repay di loan as at wen due.

Dem go collabo wit your employer to make sure say dem deduct di required amount from your salary and pay am back to di student loan fund account.

Na wia di Education Bank go get dia moni from?

According to di law, di bank go use di following ways to get moni wey dem go use operate.

Wetin ASUU and odas dey tok about di new law

Di Academic Staff Union of Universities (ASUU) bin tok say di education loan scheme go keep students in permanent debt.

But on di oda hand, di National Association of Nigerian Students Zone D coordinator Adejuwon Emmanuel for statement call am way forward for Nigerian students becos di law go assist students wey dia parents no go fit pay dia tuition.

But on di hand, e tell federal goment to sidon work again on di repayment plan considering say no be evri graduate go start work afta two years of graduation.