Student Loan Scheme: FG Releases Conditions, Portal Opens Friday, May 24
By : Agboola Toheeb
The Federal Government of Nigeria has announced the conditions for the newly introduced Student Loan Scheme, a cardinal program of the Bola Ahmed Tinubu Administration aimed at providing financial assistance to students in tertiary institutions, in accordance to his electoral promise and the bill signed into law by the President on April 3rd and over 1.2 million students are expected beneficiaries.
The ambitious programme will be funded with one percent of total annual revenue by the Federal Inland Revenue Service (FIRS) ₦194 trillion target.
Eligibility and Conditions.
1. Students in federal institutions such as universities, polytechnics, colleges of education and technical colleges will be the first batch of beneficiaries.
2. Applicants must provide their Joint Admissions and Matriculation Board (JAMB) letter, National Identification Number (NIN) and Bank Verification Number (BVN).
3. Applicants must complete the application, including personal details, academic information, and details of financial need and submit the application after reviewing it.
4. Repayment will commence two years after the completion of the National Youth Service Corps (NYSC) programme.
5. No guarantor is needed for students to access the loan.
6. The agency will pay 100 per cent of the fee for the loanees to the institution.
7. There is also a provision for stipends to be provided to the loanees.
8. The agency will only pay for one session at a time due to the possibility of students dropping out or changing institutions.
The portal for the Student Loan Scheme will open on Friday and students in federal institutions whose data has been uploaded by their institutions will have the opportunity to apply first. The scheme will eventually be rolled out to state-owned institutions.
Repayment and Fraud Prevention
The loanees, whether working in the government or private sector, must pay back the loans after two years. The agency is working to ensure that it has as much information about the applicants as possible and is confident that they are bonafide Nigerian citizens and are of good standing. The agency is also working with security agencies to prevent fraudulent activities.
