Although the student loan about to be unveiled in Nigeria is open to all students of higher institutions in Nigeria, defaulters stand to be jailed.
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. It provides funds for all education-related matters, including textbooks, and research.
5. It is only accessible to students studying in Nigeria.
6. There will be jail terms for student loan defaulters.
7. The repayment of the loan will begin two years after the National Youth Service Corps Scheme is completed.
8. It was proposed by the then Speaker of the House of Representatives, Femi Gbajabiamila, now the Chief of Staff to President Bola Tinubu.
