Education Loan: Facts About Student Loan In Nigeria

Barely after Nigerian government effort to curve the hardship of Nigerian students face in funding education, the federal government of Nigeria has introduced student loan for students studying in Nigeria.

The student loan bill was first proposed by the former speaker of the house of representative Femi Gbajabiamila, passed on May 2023 and signed into law by the new president Bola Ahmad Tinubu in June 2023.

Thus, the loan will be Interest free to only student of tertiary institutions studying in  Nigeria to fund their education and repay after national service.

The facts about this loan were listed below:

1. Education bank will be establish to supervise, coordinate, administer and monitor the management of students loan;

2. Screening of applicants will determine whether student meet the eligibility of the loan;

3. Only students of higher institution are eligible for the loan;

4. The funds provide for all education related matters including textbooks, and research;

5. The loan is only accessible for students studying in Nigeria;

6. Student loan defaulters will have a jail term;

7. Repayment of the loan will begin two years after youth service scheme completed.

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