President Bola Ahmed Tinubu has signed into law, the Access to Higher Education Act. The new law will provide interest-free loans only to eligible tertiary institution students in Nigeria.
Indeed, this is the beginning of a new era and a move to assist struggling students whose parents aren't finally capable to pay the necessary fees irrespective of their background.
If you are a student in any Nigerian institution, check out these eligibility criteria to see if you qualify to apply for the loan.
To qualify for the loan:
1. You must have been admitted to any Nigerian University, Polytechnic, College of Education, or vocational school established by the government2. Yours or your parent's annual income must be less than #500,000
3. You must provide two guarantors. These guarantors shall be:
-a civil servant of at least level 12 in the service
-Lawyers with at least 10 years of post-call experience
-Judicial official; or
-Justice of peace
However, note that you are not eligible to apply for a student loan if:
1. You have defaulted in respect of any previous loans granted by any organizations e.g you are owing Palmpay or other loan apps2. You have been found guilty of any form of malpractice in your institution
3. You are convicted of felony or any dishonesty or fraud
4. You have been convicted of drug offenses
5. Your parents have defaulted in the repayment of students loans granted to you
If you meet the aforementioned criteria, congratulations in advance. Anticipate and enjoy the benefits of this new administration.