Tinubu Student Loan | Check Eligibility & Apply Now

Tinubu Student Loan is the newly enacted Act that was signed by the President of Nigeria. This forms part of the government’s schemes to grow the educational systems in Nigeria.

On June 12, the Student Loan was signed into law to bring about an interest-free loan to students in Nigeria. Access has enabled all students in Nigeria to reach education attainment despite the new tuition fee that may be introduced by the schools.

This has brought joy and smiles to the faces of the parents and most especially the students as they can now further study in school comfortably without having financial complaints.

This calls for hard work on the part of the students to study hard and make excellent results that will provide a nice job after school to enable them to repay the loan.

Tinubu student loan is only for those seeking Admission into Higher Institution. It is one of its kind due to the considerable repayment time of 2 years after graduation giving the student a long grace period to pay back.

The student loan is Accessible to all Nigerian Students whose parents have a salary income of 500,000 and above yearly to ensure that they are capable of paying back the loan on the due time.

Students have a limited loan amount that they apply for and this can be determined by the parent’s salary and income either as self-employed or government workers.

The main aim of this Student Loan signed by the Tinubu is to provide easy access to higher education for Nigerians through Interest-free Loans from Nigeria Education Bank Established in View to provide education for all Nigerians and related matters.

This article will focus on the Tinubu Student Loan bill, the reason for the student Loan, Eligibility Requirements, and how to apply for the loan.

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Features of Tinubu Student Loan

Student loan entails a lot of things. This will allow the students to gain access to the federal loan to fund their Education. Listed below are the many features that make the loan worthwhile.

It is available and can be applied to students in government universities, state universities, federal universities, polytechnics, and colleges of Education.
Tinubu Student Loan is strictly and only for students to enable payment of School Fees
It is an interest-free Loan available for students only which means that you can only pay back what you borrowed without additional charges.
There’s no discrimination of any sort that is to say all Nigerian Students for are eligible for the loan will have access to apply despite their tribe, race, religious background or position, and physically challenged.
Only the needy students studying in Nigeria will be allowed access to the loan.
There is a provision of a Nigeria Education Bank which is responsible for providing the loans for only the educational process.

Requirement Need For The Student Loan

The Eligibility criteria must be followed and attained before one can think of applying for the loan.

Nigerian Students therefore should try to meet up with the desired requirement as listed below.

The student must have gained admission to the school of his choice either a state-owned university, federal university, polytechnic, or college of Education.
The family income should be measurable to the loan the student is aspiring for. The yearly income of the parents or the student should be at least 500,000. This will ensure the ability of the applicant to pay back the loan in the future time.
The Student should be a well-articulated scholar who will be serious about his academic studies.
Two Guarantors who are ready to pay for the loan if you default must be provided. They will pledge their assets as collateral for the loan. The guarantors must be a civil servant in level 12 or a lawyer with not less than 10 years of experience or a judge.

It is important to note that some things can disqualify a student from gaining access to Tinubu Student Loan. The following can lead a student to not get the loan:

The parent’s inability to pay a previous debt or any loan that has been granted in the past will be disqualified from gaining access to the loan.
Any student with a bad record of misconduct will be automatically disqualified. Also, engagement in examination malpractice by students will not be tolerated and hence will be disqualified from receiving the loan.
Tinubu Student Loan kicks against any student who has defaulted in repayment of past loans and will be disqualified immediately.
If a student is found guilty of Drug abuse or has been convicted for drug offenses that will lead to the denial of the loan access.
Any student found guilty of being dishonest and involved in fraud of any sort will be not given access to the loan.

These criteria for disqualification are important to sure that the beneficiaries of the Tinubu Student Loan are those rightly disposed to gain it.

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Repayment Period for Tinubu Student Loan

The loan repayment period grace lasts for two years which must have been after the student has completed his schooling and had served his father’s land, only then will the repayment be required.

10% of the parent’s or student’s salary will be deducted at the end of each month until the Loan owed is paid completely. This means that there is no instant payment required.

If you are not a salary earner instead you are self-employed, you are directed to credit 10% of your monthly income to the provided account.

If by chance the student or parents happen to have a change in their job, it is required from you to inform the committee within a month to notify them of the new employment. This also applies to a change in your details to enable the chairman to keep track.

As a self-employed student or parent seeking for Tinubu Student Loan, you must submit certain important details about your business such as Business name, location, licensed documents of registration, name of partners, and more if need be.

Tinubu Student Loan Application Procedures

To apply, ensure you have attained all the requirements mentioned above as the defaulted applicant will be denied access to the loan. Although the application form is not yet out, you can still be ready until that is done

Application must go through the chairman of the committee as stipulated under the Act, the following documents must be submitted:

The most important document is the student Admission letter. This certifies the student as ben part of the institution.
A copy of a letter-headed letter that has the signature of the student affairs officers and Vice-chancellor of the school is highly required.
A letter from the Guarantor, well addressed stating that he is responsible if the student does not pay back at the allocated period.
The letter should be attached with two passports each for the guarantors, also the employment letter should be provided if a salary earner but if a self-employed, business registration from the right sources should be provided with other necessary documents that must be submitted.

The applicant should be able to receive a response from the committee 14 days after submission.

Processing of the loan will last up to 30 working days to enable the verification of the documents provided.

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Conclusion

Tinubu Student Loan is only available for students in Nigeria who are in real need of it. The loan cannot be processed for a student who wants to study abroad.

Form submission has not started yet but in September and October, information about how to apply will be disclosed to the public.