adminTinubu’s student loan in Nigeria is a new initiative introduced by the President Bola Ahmed Tinubu’s administration to cushion the effect of economic hardship on Nigerian Students.
It’s a federal government initiative aimed at supporting students from average families to achieve their academic goals. The initiative is adjudged as one of the best policies of Tinubu’s administration.
President Tinubu launched the student loan scheme on February 21. The scheme is under Access to Higher Education Act, 2023, it was signed into law on June 13, 2023 by the Nigerian President.
The federal government student loan in Nigeria is open to all Nigerian students in various higher institutions of learning. The good thing is that the repayment option is flexible for the students.
All the loan request is under the Students Loan Law, which established the Nigerian Education Loan Fund that handles all student loan requests, grants, the disbursement and the recovery of the loan.
To make the student loan possible, president Tinubu proposed N50 billion take-off provision for the scheme in the 2024 budget.
Who is qualified for Tinubu’s student loan in Nigeria?
The student loan scheme in Nigeria is not an exclusive programme. All Young Nigerians studying in various higher institutions of learning irrespective of their course are qualified to apply for the loan. Students who enrol in skills development programmes are also qualified to apply for the loan.
The student loan will only cover students in universities, polytechnic, colleges of education and vocational schools which are established by the federal government of Nigeria and state governments.
What is the interest rate of Tinubu’s student loan in Nigeria ?
The student loan is interest free which means that it comes with zero interest rate. The management of the Nigeria Education Loan Fund (NELFUND) had on different fora explained that the student loan does not come with interest rate.
Punishment for Defaulters
The Students Loan Law stipulates that students who defaulted will either be imprisoned for two years or
N500,000 fine or both. Same punishment is also applicable to anyone found aiding defaulters of the loan.
How to repay Tinubu’s student loan in Nigeria?
The repayment option for Tinubu’s student loan in Nigeria is flexible plan. The repayment starts from two years the students start earning income after National Youth Service (NYSC). This means that the beneficiaries will start repaying the loan two years after they have means of earning income following the completion of their compulsory one year service to the nation. 10 per cent shall be deducted from their salaries by the employers and credited to the fund.
However, if the beneficiary is self-employed, he or she is mandated to submit information of the business such as business name, the address, registration, documents, name of the bank, partners name if any, name of directors and shareholders of the committee. A total of 10 per cent of the business total profit shall be remitted every month for the repayment of the loan.
Requirements for Student Loan in Nigeria
- To be eligible for Tinubu’s government student loan in Nigeria, you must be studying in federal government or state higher institutions of learning or vocational studies.
- You must come from a family with annual income of less than
N500,000. - The students must also provide two civil servants who have spent 12 years in service or a lawyer with at least 10 years post-call experience, judicial officer or a justice who will stand as guarantors.
- Students whose parents have defaulted in previous loans are not eligible for the scheme.
- Applicants must not also defaulted in previous loans to be eligible.
- Students who have been found guilty of exam malpractice, felony or drug offences are not qualified for the scheme.
Documents needed for the application include:
- Complete application form.
- Copy of student’s admission letter.
- A copy of UTME result slip.
- A copy of WAEC/NECO result certificate.
- A copy of student’s birth certificate.
- A copy of passport photography.
- Letter of support from each of the two guarantor’s showing their employment letters.
- A copy of the passport photographs of the two guarantors are also compulsory.
How to Apply for Tinubu Student Loan
According to recent information, the application will be online once the application portal is open.
Tinubu stated recently that the delay in kick starting the Nigerian Education Loan Fund (NELFund) fully is due to the expansion to accommodate extra features to capture vocational studies which was not part of it initially.
He further stated that the scheme will start in the next two weeks.Â
The online application will start any moment from now, kindly check back in the next few days to register for the student loan. Ensure you have all the required documents to make your application easier once the online portal is open.
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