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FGN Student Loan Form – Federal Government of Nigeria led by President Bola Tinubu has approved tertiary education loan for Nigerian student. This post will provide the procedure you will deploy to apply for the Finance.
About the FGN Student Loan Form
The Student Loan Bill was enacted by President Bola Tinubu. Femi Gbajabiamila, the outgoing speaker of the House of Representatives, introduced the bill that will give Nigerian students access to interest-free loans.
According to industry experts in higher education, the creation of an education bank may now give federally funded tertiary institutions the freedom to enact tuition levies.
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Conditions for FGN Student Loan Form Application
The following conditions are put in place for interested applicants; They are:
- Student must have received admission to a public university, polytechnic, college of education, or TVET program in Nigeria; Family or applicant income must be less than N500,000 annually; A minimum of two guarantors must be provided by the applicant, and they must be civil employees with at least 12 years of service at level 12, lawyers with at least 10 years of post-call experience, judicial officers, or justices of the peace.
- Students who have missed payments on prior loans, been convicted of a felony or engaged in drug use will not be taken into consideration.
- Students with parents who have defaulted in respect of previous loans will not be considered.
- Following the satisfaction of the conditions listed above, applications for the loans will be submitted through the Students Affairs Office of each institution via a list of all qualified applicants from the institution accompanied by a cover letter signed by the Vice-Chancellor or Rector or the head of the institution and the Student Affairs.
- On the repayment, the act states that “Any beneficiary of the loan to which this Act refers shall commence repayment two years after completion of the National Youth Service Corps programme. Repayment shall be by direct deduction of 10 per cent of the beneficiary’s salary at source by the employer.
- “Where the beneficiary is self-employed, he shall remit 10 per cent of his total profit monthly to the student loan account to be prescribed by the bank.
- “For the purpose of sub-section 3 above, a self-employed person shall, within 60 days of assuming that status, submit all information such as the name of business, address and location, registration documents, registered, name of bankers, names of partners, name of directors and shareholders to the Commission.
- “Anyone in default of the provisions of sub-section 4 above or found to be aiding the default of any of the provisions of this Act is guilty of an offence and, if convicted, shall be liable to imprisonment for two years or a fine of N500,000 or both.”
How to Apply for FGN Student Loan Form
The application is done via the Portal; keenly interested applicants should adhere strictly to the stated instructions above, the site for the application or the link is launched or yet to be open where you can get your application Ready, Obtained Application number and submit it to your Institution Students affairs office for approval.
I wish you all the best for your loan application.
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