Table of Contents
Under the leadership of President Bola Ahmed Tinubu, the NG Govt student loan Bill, which was signed into law on June 12, 2023, was created to help Nigerian Students access an Interest-free loan.
This was to help students pay for their education. The bill also stipulated that after graduation, students were given an extra two years to establish themselves financially before they started paying back the loan.
You must meet certain requirements before applying for the NG Govt student loan and know when to start paying it back. The article will help you learn more about these.
The signed act stipulated that all interested students must apply to the chairman of their bank through their institutions after completing the following requirements;
Also, Check the Federal Government Grant and Loan for Businesses: See the link to apply.
The Loan Bill, signed by President Bola Ahmed Tinubu, does not specify how much a successful student applicant is expected to borrow. Still, according to an educational expert, “it appears that the loan will be based on the institution, course of study and duration.”
Alternatively, you can read about 3 Banks in Nigeria that Offer Student Loans.
The NG Govt Student Loan payback is expected to start two years after their graduation; these two years were granted to enable them to be financially stable.
According to the bill, the NG Govt Student loan repayment will be made by deducting 10% of the student’s salary monthly until the loan is completely paid back. For Self-employed students, the government will collect a 10% monthly payback from their total profit.
In collaboration with the employer, the education bank will deduct the required amount from their salary or business profit and repay it to the student loan fund account.
Recommended:
How to apply
You can get the form for the NG Govt Student loan from the Central Bank of Nigeria (CBN) website. After completing all the requirements, you can submit your application to your institution’s Student Affairs Office.
After the submission, the Vice Chancellor, rector, or Head of the Institution and Student Affairs will sign the list of qualified applicants from their institution and accompany it with a cover letter.
Are you Feeling Dizzy When you Suddenly Stand up? Here are Some of the Reasons…
How to Change the Sizes of Your Desktop Icon Are the sizes of your desktop…
Gonorrhea: Symptoms, Causes, Prevention and Treatment Do you always feel uncomfortable in your genitals, rectum…
How to Unmute Someone on Instagram Using Your Mobile Browser Did you mute someone on…
How to Make a WhatsApp Screen Video Call on an Android and iOS Device Do…
Do you wish to travel out of the country and still stay connected with your…
This website uses cookies.