Students' Loan Scheme Explained: Things You Should Know About Students' Loan Scheme

President Bola Ahmed Tinubu recently signed the Students' loan bill into law, here are some things you should know about the Students' loan as gathered by Myschoolnews.

1. The new act will establish the Nigerian Education Bank, which will supervise, coordinate, administer and monitor the management of student loans in Nigeria.

2. Applicants will go through screening to determine whether they meet the requirements for the loan.

3. Students in all the higher institutions are eligible for the loan.

4. You must have 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

5. It provides funds for all education-related matters, including textbooks, and research.

6. It is only accessible to students studying in Nigeria.

7. There will be jail terms for student loan defaulters.

8. The repayment of the loan will begin two years after the National Youth Service Corps Scheme is completed.