On 12 June 2023, President Bola Ahmed Tinubu signed into law the students’ loan bill to establish an education bank to provide interest-free loans to Nigerian students seeking higher education.
The bill was titled; “An Act to Provide Easy Access to Higher Education For Nigerians Through Interest-Free Loans From Nigeria Education Bank Established in this Act with a View To Provide Education for All Nigerians and for Related Matters.”
The education bank will provide interest-free loans to students who meet the necessary ethical standards and have a genuine commitment to their academic pursuits.
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The criteria were to ensure that the loan is allocated to deserving students who are serious about their education.
Below are the eligibility requirements for interested Nigerian students:
— Admission: The student applicants must have secured admission into any of the Nigerian universities, polytechnics, colleges of education, or any vocational school established by the Federal Government or the government of any Stale of the Federation.
— Income Limit: The student applicants’ income or family income must be less than N500,000 (five hundred thousand naira) per annum.
— Guarantors: The student applicants must provide at least two guarantors. Each of the guarantors must be a civil servant of not less than level 12 in the service; or a lawyer with at least 10 (ten) years post-call experience; a Judicial officer; or a Justice Peace.
The following circumstances disqualify students from accessing the loan.
— Previous Loan Default: If a student is proven to have defaulted on any previous loan granted by any organization, they are disqualified from accessing the loan.
— Exam Malpractice: If a student is found guilty of exam malpractice by any school authority, they will be disqualified from receiving the loan.
— Conviction of Felony or Offenses of Dishonesty or Fraud: Students who have been convicted of a felony or any offense involving dishonesty or fraud are ineligible for the loan.
Drug Offenses: Students who have been convicted of drug offenses are disqualified from accessing the loan.
— Parental Loan Default: If any of the student’s parents have defaulted on a student loan or any other loan granted to them, the student will be disqualified from receiving the loan.
