- President Bola Ahmed Tinubu Media Centre has provided answers to some of the frequently asked questions about the student loan scheme
- PBAT Media Centre provided answers to questions on what and who the student loan scheme is meant for
- Questions about requirements to get the loan and the repaying process by successful applicants were also attended to
FCT, Abuja- Nigerians need answers to a lot of questions regarding the newly signed amended student loan bill by President Bola Ahmed Tinubu.
Tinubu signed the bill after the House of Representatives and the Nigerian Senate passed it for presidential approval.
The Special Assistant to President Tinubu on Social Media| National Convener of the PBAT Media Centre, Olusegun Dada, shared a video which highlighted some of the frequently asked questions with answers about the scheme via his X handle (formerly known as Twitter) @DOlusegun on Wednesday, April 3.
According to the PBAT Media Centre, the following are some of the frequently asked questions about the student loan
What is student loan scheme?
It was signed into law to provide easy access to funding for indigent Nigerian students.
The scheme is aimed at relieving vulnerable Nigerian students of the burden associated with paying school fees. It also provides equal rights to education for all
Who is the scheme meant for
The scheme is meant for indigent Nigerian students across higher institutions (universities, polytechnics, colleges of education) including vocational institutions.
What is the mode of application?
The student loan scheme is fully automated. All forms of human interaction during application are eliminated.
Applicants don’t need anybody to apply for the loan.
What are major requirements for application?
- Joint Admissions and Matriculation Board (JAMB) registration number
- National Identification Number (NIN)
- Bank Verification Number (BVN)
- Matric number/school registration number
Mode of replaying loan
10% of the applicant’s salary income shall be deducted monthly from source
For self-employed, 10% of the applicant’s monthly profit shall be remitted every month
When to start replaying the loan
Repayment starts for tertiary institution applicants two years after the completion of mandatory NYSC
Other things to know
The student loan is not a grant but a repayable loan scheme of the federal government of Nigeria.
