OasisX:
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.

That 500k maximum family income is too low.

So if father makes 21k per month and mother makes 21k per month their child won't qualify for the academic loan?
They should lift the bar to 1m maximum family income. A family making 80k per month in this present Nigeria should be able to benefit from the academic loan too.

raumdeuter:


Another Abroadian who is disconnected from Nigerian reality who want evil for people

Chief, The reality in Nigeria means that the peoole will be improverished. This set of people enjoyed free education of decent standard upto Tertiary level (some even got free accomodation and feeding at Uni) instead of us putting them to task to provide the same of this generation of young people and the next we are instead applauding them for a policy that seeks to put them in debt; even in US govt has been cancelling student debt; in the EU Tertiary education is free in most countries.

It feels like we are pulling up the ladder after we used it to climb.

Ibime:


It's either a cheap publicity stunt (which 17 year old knows a 12 year plus civil servant that will act as guarantor, on top that for a paltry sum that's not worth the effort)

Or. . .

It's a precursor to raising fees materially which is a step in the right direction

This is it. Tinubu is a welfare capitalist.

This is discriminatory. If what I read online is correct, it said it is only for children whose parents earn at least N500,000 per annum. That means if your father earns more, you won’t benefit.”


I saw the above part on the front page and I am kinda confused. At least 500k means 500k and above na.

OasisX:


God bless you for this update.

God bless him for more bad news?

afrodoc:


That 500k maximum family income is too low.

So if father makes 21k per month and mother makes 21k per month their child won't qualify for the academic loan?
They should lift the bar to 1m maximum family income. A family making 80k per month in this present Nigeria should be able to benefit from the academic loan too.

The loan doesn't make sense, putting a limit is discriminatory and does not take into account the reality of Nigerian situation where large family is the norm, and especially when we all agree that this is in preparation for the increase in cost of Tertiary education.

Olowunl01:


Chief, The reality in Nigeria means that the peoole will be improverished. This set of people enjoyed free education of decent standard upto Tertiary level (some even got free accomodation and feeding at Uni) instead of us putting them to task to provide the same of this generation of young people and the next we are instead applauding them for a policy that seeks to put them in debt; even in US govt has been cancelling student debt; in the EU Tertiary education is free in most countries.

It feels like we are pulling up the ladder after we used it to climb.

Time has changed and we change with time. There was a time a whole town had 3 University graduate when they were serving 3 course meals in University and even had people washing clothes for students and every graduate in Nigeria was given a car at graduation. Should we insist on that now when each family has more graduates than some villages. since some people enjoyed it back then

When they enjoyed free Tertiary education how many students were in Nigerian university totally? Can we reduce the total University student population to those time when it was free so we can enjoy the free education now

US has not fully implemented student loan cancelation and EU that has free tuition pay up to 50% in taxes

OasisX:


Envy and Bitterness - funnily I read she is being pushed by her Pastor and she is never a Chef.

Her pastor saw vision into her life.

I stand on Hilda's mandate. That record must stand the test of time.

monerozi5590:
This is discriminatory. If what I read online is correct, it said it is only for children whose parents earn at least N500,000 per annum. That means if your father earns more, you won’t benefit.”


I saw the above part on the front page and I am kinda confused. At least 500k means 500k and above na.

Don’t be confused . What the 500k limit is saying is that if a family earns above 500k in a year , their son or daughter cannot access the loan .

Larride already said it’s more likely they will review it cos people whose parents earn higher than 500k per annum are still poor and they should not be excluded from being eligible for the loan .(Since the loan is supposed to be in Favour of indigent students )

Olowunl01:

The loan doesn't make sense, putting a limit is discriminatory and does not take into account the reality of Nigerian situation where large family is the norm, and especially when we all agree that this is in preparation for the increase in cost of Tertiary education.

The loan makes sense if the endpoint is university autonomy and reducing government subsidy. The subsidized education Nigerians are getting is falling behind globally acceptable standards by the day.

I just disagree with the income limit. It completely robs the entire middle class of access to the student loans. In my opinion such loans are meant for the lower class and the (lower) middle class.

OasisX:


......I really don't get it. The loan is optional ffs! No one is forcing it on you or anybody. Seek the loan if you need it, not an entitlement cos you are a student.

Oh lord of Naija Yoots!!!

If it was Pitobi that was presido and signed this bill we would have been reading things like, "Oh i have tears in my eyes now. Such a wonderful and much needed bill signed by my President. A man of the people who has love for the youths and their interests at heart."

Olowunl01:


Chief, The reality in Nigeria means that the peoole will be improverished. This set of people enjoyed free education of decent standard upto Tertiary level (some even got free accomodation and feeding at Uni) instead of us putting them to task to provide the same of this generation of young people and the next we are instead applauding them for a policy that seeks to put them in debt; even in US govt has been cancelling student debt; in the EU Tertiary education is free in most countries.

It feels like we are pulling up the ladder after we used it to climb.

None of us who went to public primary or secondary schools are sending our children to same because they have gone to shit. In the same way no one with the means will send their kids to public universities if they have the means. The last recruitment exercise we did, was 95% covenant

You want to continue on this path, 90% of the graduates will only be fit for security guard jobs. It is already happening. We had an engineering grad working as a site laborer for a contractor. Some of us took pity on the guy and had him absorbed as a contract field guy. Big mistake. The guy could not write coherent English, could not grasp the simplest concepts. We had to let him go. The best the public uni grads got was contract jobs. In the future if we do not course correct the situation between university and poly grads will be replaced by private uni and public uni grads in the workspace.

The fact that something was available in our time does not mean it is sustainable. I am sure we can all remember the squalor of university hostels. Bush attack etc. A lot of energy expended in pursuits that will not add to your future competence.

afrodoc:


Her pastor saw vision into her life.

I stand on Hilda's mandate. That record must stand the test of time.

You are standing to be Hilda's man-date? Doc likes em thiccc.

sod09:

Bros I no fit reply you again as I no know wetin I type to chop ban

No wahala

Back then when we had functional mods, you'll just chat them up to unban you. Not the case anymore.

afrodoc:


If it was Pitobi that was presido and signed this bill we would have been reading things like, "Oh i have tears in my eyes now. Such a wonderful and much needed bill signed by my President. A man of the people who has love for the youths and their interests at heart."

raumdeuter:


Time has changed and we change with time. There was a time a whole town had 3 University graduate when they were serving 3 course meals in University and even had people washing clothes for students and every graduate in Nigeria was given a car at graduation. Should we insist on that now when each family has more graduates than some villages. since some people enjoyed it back then

When they enjoyed free Tertiary education how many students were in Nigerian university totally? Can we reduce the total University student population to those time when it was free so we can enjoy the free education now

US has not fully implemented student loan cancelation and EU that has free tuition pay up to 50% in taxes

No, am not saying go back to those times, but please let's not appluad this as something nice when in effect is a debt overhang on the less priviledge.

The EU you mentioned is exactly what govt should be doing, except in Nigeria our taxes and incomes are spent feeding the ruling class and not the masses.

Ibime:


It's the set-up for increasing school fees. It's designed for low uptake. Especially in a country that cannot track its residents

Student loan is one of the worst performing loan types in Western countries, even when they can track their residents, so FG have written it in a way that fixes their liability to a manageable amount

The honest truth is tertiary education is not for everyone. Let the decision on going to university be a business decision. You will pay that money to study a STEM course, law, medicine etc but those Masscom guys need to find their square root into the jobs market than wasting time on a non value adding course.

Wetin Mass Comm do you?

Ibime:


It's either a cheap publicity stunt (which 17 year old knows a 12 year plus civil servant that will act as guarantor, on top that for a paltry sum that's not worth the effort)

Or. . .

It's a precursor to raising fees materially which is a step in the right direction

I think it's more of the latter which to me is a good direction. Education is already heavily subsidised in Federal Unis - The FG is already funding about 90% of the entire students' fee so what's a student loan for if not that the tertiary education subsidy will be soon removed?

Personally, I'm all for putting an end to tertiary education subsidy and investing the money that would have gone in that direction in primary and secondary education. There are some local governments in Nigeria where there is no single quality primary school, most parents now prefer taking their wards to substandard private schools where they pay fees and still get substandard education (though better than what the public school will offer).

In addition to this, once the tertiary education subsidy is ended, no more free funding for nonsense theoretical course like Classics, Botany, History, Linguistics etc. If you wan study them, pay from your pocket.

GloriousGbola:


You are standing to be Hilda's man-date? Doc likes em thiccc.

No o. I just like how she cooked all her goodies for the world record. She showed that she had a solid and robust backing.

DontBullshitMe:

I think it's more of the latter which to me is a good direction. Education is already heavily subsidised in Federal Unis - The FG is already funding about 90% of the entire students' fee so what's a student loan for if not that the tertiary education subsidy will be soon removed?

Personally, I'm all for putting an end to tertiary education subsidy and investing the money that would have gone in that direction in primary and secondary education. There are some local governments in Nigeria where there is no single quality primary school, most parents now prefer taking their wards to substandard private schools where they pay fees and still get substandard education (though better than what the public school will offer).

In addition to this, once the tertiary education subsidy is ended, no more free funding for nonsense theoretical course like Classics, Botany, History, Linguistics etc. If you wan study them, pay from your pocket.

Are these courses really only theoretical?

I said something about copy copy, rote learning and bastardization. In the West artisans (tradesmen) make good money. In Nigeria however the artisan space is full of people who have no idea what they are doing. Basically once you drop out of secondary school, next thing is become an artisan. You will usually apprentice to an already half baked boss, making it even worse. Part of the reason for this is that everyone wanted to go to uni, just as before may 29 everybody wanted to drive everywhere.

Introduce financial barriers and everyone go find their level. We may even learn financial planning by force. Oyibo dey do college fund from when pikin born. We can learn to do the same.

larride:
GWR has announced Hilda Baci as the record holder for the longest cooking marathon.

On her mandate we stand. In her DMs we lie.

afrodoc:


No o. I just like how she cooked all her goodies for the world record. She showed that she had a solid and robust backing.

She certainly made full use of her robust assets in driving up buzz for the stunt.

And even with her planning they still penalized her and cut 7 hours.

afrodoc:


If it was Pitobi that was presido and signed this bill we would have been reading things like, "Oh i have tears in my eyes now. Such a wonderful and much needed bill signed by my President. A man of the people who has love for the youths and their interests at heart."

That is because the average Nigerian is not ready, we don't look out for the majority and are too blinded by religious, tribal or party affiliations, especially when we view we are not impacted negatively.

That such a bill is being signed without robust protest and challenge by civil society including student union is a crying shame..

GrammarNazi1:

Are these courses really only theoretical?

The average Nigerian is in love with science courses. Maybe why we have so much disregard for the law.

FG is subsidising University education..

Oya how are they doing it?
What are students paying for in the university experience that is actually expensive when you compare?

Isn't something subsidised supposed to be at the very least really good quality gotten for cheap?

Olowunl01:

That is because the average Nigerian is not ready, we don't look out for the majority and are too blinded by religious, tribal or party affiliations, especially when we view we are not impacted negatively.

That such a bill is being signed without robust protest and challenge by civil society including student union is a crying shame..

Student Union should protest against a bill that gives students access to student loans?

Itsrm:


You do know there are hundreds of thousands of people whose parents never sponsor them beyond secondary school?

What the bill does is enable those who want to further their education do so even if their parents cannot afford to sponsor them.

When I see some of these criticisms, I just know it's coming from you guys are so far from the reality of an average Nigerian.

The student loan bill is highly commendable. Anyone who argues otherwise as far as I'm concerned is an enemy of the people.

Looks like you don't get it, do you?

Let me break it down : Every public University in Nigeria that is FG owned and State govt owned is already giving free money to every student yearly.

Ask me how

The ideal amount to study in a Uni in Nigeria is about 700k-1m yearly depending on the course. So, for every year a student spends in a Fed/state Uni and pays less than that amount, it means the state/Fed govt is paying the rest.

For example, I gain admission into OAU to study Elect Engr, I paid 60k year one, 52k year two, 45k year three and 50k year four. For every year, The FG is indirectly balancing my payment with about 800k yearly. So if a Nigeria Uni graduate is already been awarded 700k worth of education free, why is a loan unnecessary again unless the Government wants to stop subsidising tertiary education??

Itsrm:


No wahala

Back then when we had functional mods, you'll just chat them up to unban you. Not the case anymore.

I have messaged 3 different mods
Nothing has been done, very useless people if na to ban now they will form activity

Olowunl01:


No, am not saying go back to those times, but please let's not appluad this as something nice when in effect is a debt overhang on the less priviledge.

The EU you mentioned is exactly what govt should be doing, except in Nigeria our taxes and incomes are spent feeding the ruling class and not the masses.

Why shouldn't we applaud a move that makes education available to poor students who desire it, have the intellect for it but don't have the money for it

This less privileged are complaining about not being able to access quality education and govt is providing them a loan scheme without interest and we still say it's bad. Then What will qualify as good enough?


If there is a scheme that provides loans to business men with Interest should that also not be applauded because it puts loans on you

The EU you mentioned, can you show any EU country with free education and has our income per head?

How much do we generate and divided by our population

GloriousGbola:


None of us who went to public primary or secondary schools are sending our children to same because they have gone to shit. In the same way no one with the means will send their kids to public universities if they have the means. The last recruitment exercise we did, was 95% covenant

You want to continue on this path, 90% of the graduates will only be fit for security guard jobs. It is already happening. We had an engineering grad working as a site laborer for a contractor. Some of us took pity on the guy and had him absorbed as a contract field guy. Big mistake. The guy could not write coherent English, could not grasp the simplest concepts. We had to let him go. The best the public uni grads got was contract jobs. In the future if we do not course correct the situation between university and poly grads will be replaced by private uni and public uni grads in the workspace.

The fact that something was available in our time does not mean it is sustainable. I am sure we can all remember the squalor of university hostels. Bush attack etc. A lot of energy expended in pursuits that will not add to your future competence.

Chief, you just alluded to the rut in the Nigerian system; enabled by the ruling class.

So are we going to apply this to the health sector too?
What exactly is our tax and income from oil and others being used for? especially seeing that most infrastructure is being built either by borrowing or PPP.

Increase in cost to the end user does not neccesary mean better quality.

Olowunl01:

Chief, you just alluded to the rut in the Nigerian system; enabled by the ruling class.

So are we going to apply this to the health sector too?
What exactly is our tax and income from oil and others being used for? especially seeing that most infrastructure is being built either by borrowing or PPP.

Increase in cost to the end user does not neccesary mean better quality.

The tax and income from oil which is reducing every year will be used to develop infrastructures

If the cost does not match the quality then you hold the school or move to a better school

ASUU always fought for autonomy, the govt is taking steps to that which should stop endless strikes and seeing people spend 7yrs for 4yrs course we are still complaining