President Bola Tinubu don sign into law di Student Loan Bill 2023.
Dis na part of di promises wey di president make during im campaign.
Dele Alake, tok-tok pesin to di president confam di signing to tori pipo for State House, Abuja on Monday.
Oga Alake say di money go dey under Ministry of Education and and na only students wey dey higher institution wey poor go fit access di money.
Tins you need to sabi about dis new act
Na former Speaker of di 9th House of Representatives, Femi Gbajabiamila, propose di bill wey di Lawmakers just pass two weeks ago.
Dis 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.”
Students also fit apply for dis loan through higher institutions for di kontri on dia behalf.
Applicants go go through screening to determine weda dem meet all di requirements for di loan.
Di full name of di Act na “An Act to Provide Easy Access to Higher Education for Nigerians Through Interest Free Loans from Nigerian Education Bank Established in dis Act wit View to Provide Education for All Nigerians and for Related Matters.
Dis new act na very powerful act wey according to law wey create am, must stand kakaraka, “notwithstanding anytin to di contrary wey dey for anyoda Act or for any oda enactment or law.”
Irrespective of wetin any oda law tok, you fit to apply dis law to any tin wey concern di application and granting of student loan to Nigerians wey wan school for Nigeria.
Di Student Loan Act no get hand for any mata wey concern to go school abroad o.
Na arrangement wey di Nigerian goment do form im kontri pipo wey wan beta demsef inside Nigeria.
Who qualify to apply?
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 service.
You fit also bring lawyer wey don get reach 10 years’ experience or any judicial officer or justice of peace (JP).
E never clear wen di loan go get effect but here na some of di tins to know weda you qualify for di loan or not;
- All students wey wan get higher education from public institutions of higher learning inside di kontri.
- Student wey get 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 getting di loan at all.
- Di loan for dis Act na only students wey wan pay school fees.
- If you dey fine pocket money or money for project or dat kain tin, dis loan no be for you.
You no qualify for di loan if…
You bin don dey owe di Nigerian Education Bank before and you no gree pay money wey you owe.
Any school authority find you guilty of exam malpractice, you no go fit get am be dat.
Court find you guilty of any offence wey involve dishonesty or fraud.
Dem bin don find you guilty of drug offences.
If your mama or papa fail to pay dia own student loan, you sef no go qualify to get di loan.
How to payback your student loan
Dis new Student Loan no be your own share of di “national cake”.
No be father Christmas dey shower you free money. You must to repay am.
Di Act explain how goment go take collect dia money back from you once you graduate and begin to make your own money.
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.
Odas na;
- Anybody wey collect di loan must 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.
- If you dey sef employed, goment go collect 10% of your total profit each month.
- Na you go carry di money yourself go pay am for di education bank.
- Any pesin wey dey by dis law, dey expect to within 60 days wey e become sef employed, submit all im business informate like name of bank, address and location, registration documents, name of bankers, name of partner, name of directors and in shareholders.
- 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
