To qualify for the Student loan, Applicant income of Family income must be less than 500,000 per annum.
Two guarantors- Civil servants not less than level 12, A Lawyer with at least 10 years post call, a Judicial officer or Justice of Peace.
Repayment:
Beneficiaries must commence repayment 2 years after NYSC.
10% of Salaries when you’re employed, direct debit from employer.
If you’re self employed, 10% of profit.
• How will the self employed pay. Is it going to be deducted like NIRSAL loans or bank loans?
✓ There would be establishment of Nigeria Education Fund which will be domicile of student loan from start to finish.
• Will the person will spend all his life repaying debt?
✓ It is interest free..it is not compulsory you take it, their parents can pay their feeds if they have it..
