ASUU criticises Tinubu’s students’ loan, says poor students are at disadvantage

Some of the conditions are that; students who wish to apply for the interest-free loan must first obtain admission into a public Nigerian university, polytechnic, College of Education (COE), or Technical and Vocational Education and Training (TVET) School.

The applicant’s income or family income should not exceed N500,000 per annum, and he/she must provide a minimum of two civil servants as guarantors.

These guarantors should either be at least on Level 12 in the civil service or a lawyer with at least 10 years of post-call experience, a judicial officer, or a Justice of Peace.

Students, or their parents, who have previously defaulted on loans, or have been found guilty of exam malpractices, felony, or drug offences would not be considered eligible for the loan.

It further added that repayment of the loan would commence two years after the completion of the graduate’s National Youth Service Corps programme, and the money would be deducted directly from the beneficiary’s salary at a rate of 10 per cent by the employer.

Self-employed beneficiaries would remit 10 per cent of their total monthly profit to the designated Students Loan account to be prescribed by the bank.