This article contains five categories of people who cannot apply for student loans in Nigeria. However, president Tinubu has signed the student loan bill into law to help indigent students go through higher institutions.
However, there are some conditions students are to meet up before they are considered eligible to access the loan.
President Tinubu, who took office on May 29, signed the Students Loan Bill, marking the third similar bill that he has signed during his tenure. For more information, please visit: [link to the article].
What is Student Loan?
A student loan is a type of loan specifically designed to help students finance their education-related expenses. It is intended to assist students in covering the costs of tuition, fees, books, supplies, and living expenses while pursuing their higher education.
Furthermore, student loans are typically offered by government agencies or private financial institutions.
5 Categories of people Cannot Apply for Student Loan
Here is the set of people banned from accessing the student loan bill in Nigeria:
Any student or applicant who has a documented history of loan default from any organization will not be eligible to receive the student loan.
Exams malpractice offenders
This is the second category. Those students who engaged in exam malpractice will not be given a loan. According to the provision, an applicant found guilty of exam malpractice by any school authority will not be able to access the student loan.
Persons With a Criminal Record
Those with criminal records of any kind will not be offered a student loan. However, the condition states that an applicant with a criminal record of a felony. Or any offense involving dishonesty or fraud is completely disqualified from accessing the loan.
Those students who are without clean drug-related records are banned from being beneficiaries of the student loan. However, anyone who has been convicted of a drug offence will not be allowed to access the loan.
Loan Defaulter Parents
Any student whose parents have a record to have failed to honor any loan agreement is also not eligible for the loan. Applicants whose parents (father or mother) have defaulted in respect of student loans or any loan granted to him or her
President Bola Tinubu signed the student loan bill into law. However, this is the third of its kind that the new Nigerian leader has signed since his assumption of office as the president.
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