President Bola Tinubu’s signing of the Students Loan Bill has been warmly received by Nigerians, as it presents an opportunity for indigent students to pursue higher education. However, certain categories of individuals are deemed ineligible for this loan.
Here are the five groups excluded from accessing the student loan:
- Previous Loan Defaulters: Applicants who have a proven history of defaulting on previous loans granted by any organization are ineligible for the student loan.
- Exam Malpractice Offenders: Individuals found guilty of exam malpractice by any school authority are prohibited from accessing the loan.
- Criminal Offenders: Applicants with a criminal record involving felony, dishonesty, or fraud are not eligible for the student loan.
- Drug Offenders: Those who have been convicted of drug offenses are also excluded from accessing the loan.
- Parental Loan Defaulters: Applicants whose parents (either father or mother) have defaulted on student loans or any other loans are not considered eligible for the student loan.
FAQs
Who manages the student loan funds in Nigeria? The Ministry of Education is responsible for managing the student loan funds.
Who can apply for the new student loan? Economically disadvantaged students enrolled in tertiary institutions can apply, provided they meet specific criteria.
What penalties can defaulters face under the new law? Defaulters may face a maximum penalty of two years in prison, a fine of $500,000, or both.
Are there other sources of student loans beyond the government’s offer? Yes, banks such as Access Bank and Zenith Bank offer student loans with substantial limits.
Are there individuals who are ineligible for the student loan? Indeed, specific groups, including individuals with loan defaults or criminal records, are ineligible.
