What you need to know about the student loan bill signed by President Bola Tinubu

President Bola Tinubu has signed the Student Loan Bill into law. ⁣⁣

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An aide to the president, Dele Alake, disclosed this to State House Correspondents on Monday evening.⁣⁣
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The bill will enable Nigerian students to access loans at interest-free rates.

Key points from the student loan bill:

1. Repayment will start two years after the completion of NYSC

2. The loan will be disbursed through an Education Bank to be established

3. To be qualified, applicants must have secured admission into Federal/State Universities, Colleges of education, Polytechnics or any Vocational training Schools.

4. Applicants family income must be below N500,000 per annum.

5. You will not be eligible if you or your parents have ever defaulted in any loan by any institution.

6. If convicted of defaulting or any provision of the law, you will be liable to 2years imprisonment or fine of N500,000 or both

7. Repayment will be a deduction of 10% from source done on beneficiary’s salary. If self employed, you’ll remit same percent of monthly profit.