Five Categories Of Nigerians Banned From President Tinubu’s Student Loan
President Bola Tinubu recently signed the Students Loan Bill, opening doors for disadvantaged students to pursue higher education. However, there are specific groups that are excluded from accessing this loan.
Five Groups Excluded from Student Loan Access
- Previous Loan Defaulters: Individuals with a history of defaulting on loans are ineligible.
- Exam Malpractice Offenders: Those found guilty of exam malpractice cannot access the loan.
- Criminal Offenders: Applicants with felony, dishonesty, or fraud records are not eligible.
- Drug Offenders: Individuals convicted of drug offenses are excluded.
- Parental Loan Defaulters: Those whose parents defaulted on loans are not considered eligible.
Frequently Asked Questions (FAQs)
Who manages the student loan funds in Nigeria? The Ministry of Education is in charge of managing the funds.
Who can apply for the new student loan? Economically disadvantaged students in tertiary institutions can apply, given they meet specific criteria.
What penalties can defaulters face under the new law? Defaulters may face up to 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 like Access Bank and Zenith Bank provide student loans with substantial limits.
Are there individuals who are ineligible for the student loan? Yes, certain groups like individuals with loan defaults or criminal records are ineligible for the loan.
