dealslip:

I do not share the opinion because those are the most lenient conditions precedent to drawing on the student loan. This is an interest free loan, the conditions are a form of collateral/guarantee. Even when you want to borrow loans with interest, you must provide a guarantor - a corporate or individual. You must provide a collateral too.

Did you read the portion that pegs household income at N500k? If your family earns N500k, it means your family is on minimum wage or even below. How much tax do yu pay if your monthly income is N20833? You pay nothing because you earn below minimum wage. So how would such parent get TCC?
Stop defending defenceless scam. That was how you all praised Buhari that he was a saint, see where it has landed the country now.

Validated:


Did you read the portion that pegs household income at N500k? If your family earns N500k, it means your family is on minimum wage or even below. How much tax do yu pay if your monthly income is N20833? You pay nothing because you earn below minimum wage. So how would such parent get TCC?
Stop defending defenceless scam. That was how you all praised Buhari that he was a saint, see where it has landed the country now.

Let me first warn you, never call me a Buharist again. I find it highly insulting.

Secondly, A person can have a Nil Tax Clearance Certificate. Even as a business you get nil TCC for the first three years.

obawinner:

Alot,

This is not true. This won't even be up to 15 percent of the Nigerian student population. Thus signifying that only the rich or those on scholarship can afford to.

education globally is expensive except someone is paying it.
The student loan bill isnt perfect on first trial, but with development and progress it will keep getting better.
is it a first giant step in education fiancing, YES.
is it perfect, NO.
Foreign uni's we judge ourselves on dont have it perfect on first trial.

People are not really against the loan initiative but rather concerned about the requirements needed to meet up to the loan.
They could rather make efforts to elevate the poor. (Those who would need the loan to continue their education) or either make the loan requirement easier to meet for these same poor people because definitely those who can afford(The people who pay millions in foreign unis) won't be needing any loans.

9182736455O1999:

This is not true. This won't even be up to 15 percent of the Nigerian student population. Thus signifying that only the rich or those on scholarship can afford to.


People are not really against the loan initiative but rather concerned about the requirements needed to meet up to the loan.
They could rather make efforts to elevate the poor. (Those who would need the loan to continue their education) or either make the loan requirement easier to meet for these same poor people because definitely those who can afford(The people who pay millions in foreign unis) won't be needing any loans.

I agree with you on the requirement, You may agree we cant also take away education susidy to return subisdy, there needs to be a criteria, an assurance of you will pay this loan free investment back.

i think those requirement was to ensure its sustanability, Nigerians culturally see anything loans as free gift, Im sure you have seen people lend money with the awareness not to return, but of course the student loan deprive but isnt too early to criticize when the actual purpose of the loan was to cater for this needs.

AntiTerrorist:
I noticed some people are happy about the Student Loan!

Some even said "Tinubu can continue, he is taking hard decisions".

For that reason, I have decided to break down the smokescreen called Student Loan

It's just an attempt to remove "Education Subsidy" without causing an uproar.

Now let's dive in:

Who qualifies for the Student Loan:

The simple answer is: NOBODY.

It's almost impossible for you to qualify for the Student Loan and here is why

1. An applicant or his parents must provide tax clearance: This is not totally bad till you see number 2.

2. The Applicant or his parents must be earning total income less than #500k a year. Now slow down and do the maths:

To earn #500k a year means that the husband and wife are earning less than #41,000 a month. That is #20,000 each

While minimum wage is #30,000

Which means if your both parents are earning, you are automatically disqualified because they are either earning more than #41,000 or they do not pay tax because you cannot pay tax on salary below minimum wage.

3. Now here is the high jump of the Act: These 2 people earning less than #50,000 will now have to provide a DIRECTOR IN CIVIL SERVICE and a LAWYER OF 10YEARS IN SERVICE as Guarantor

Take into consideration, yourself doing good for your self, do you know DIRECTOR in Civil Service?

But that is not the worst part;

4. The Director and Lawyer have to surety that if you default, they will pay the loan!

Do you know what that means? NO DIRECTOR WILL TAKE SUCH SURETY.

But here is the worst part:

5. After you meet all these requirements, will you get the loan? NO!

The act said "Loan will be given when funds are available". In other terms, you are still at the mercy of the system!

In summary:

If you add your father and mother's income monthly, it must not be more than #41,000 a month or #500,000 a year

Your father and mother must look for a Director in Civil Service to Surety your loan!

The Director will send his Payslip document to the Bank saying that if you fail to pay, he will pay. Who will do this one for you?

Did I tell you that the Bank MD will be the one to give approval? Bank MD !

Did I also tell you that if you don't start repaying after 2years of graduation, you will go to jail 😩

Many graduates have not even gone to NYSC in 2years after graduation!

The worst part now is: School Fees will go up above the loan amount because Federal Government has announced that they cannot continue to fund University!

So if you are reading this, you are not qualified for the Loan.

I know you have not seen the bill, stop fabricating lies

Maize247:
It's not compustry to seek for loan na.

It's not compulsory but accept that the whole praise and noise about the loan was nonsense. It's like all those fool!sh things a native doctor will ask you to bring in movies when they know you can't get those things.

Tinubu knows very well that those that need the loan can't afford the conditions and those that can afford the conditions don't need the loan. Would I know a Director in the Civil service or a Judge and I can't afford to pay my school fees? Let's call a spade, a spade.

abhosts:
I was very perplexed when I saw Nigerians celebrating the mirage they are calling student loan. I was almost thinking the news reports detailing the content of the bill were fake news. The government's propaganda is next level.

Nigerians love celebrating mirages. They don't wait for the nonsense to progress or do critical analysis to find out if it'll succeed before they start celebrating.

Bunch of mumus

My view about student loan

In a country like Nigeria where 95 percent of the time the likelihood of getting a good job is man know man..if you are connected the likelihood of being able to foot your schooling bills would be very high so u won't be needing a student loan.

Those student needing student loans would be educated but the likelihood of getting a good job would be almost impossible. Cos they most likely know nobody. So they are shortchanged at two levels 1. No job..2 they are heavily in debt.


The main target of this student loans are those who govt have been hammering that they subsidised their education and they still leave with their training for greener pastures abroad forgetting the so called sacrifice of the govt. Since the plan legislation to curb migration viz a viz serving for a certain period of time before you are let go...they adopted the trojan horse approach

Bros, the loan is not compulsory. They are not forcing anyone to take it.
We can rest

samuelson06:


It's not compulsory but accept that the whole praise and noise about the loan was nonsense. It's like all those fool!sh things a native doctor will ask you to bring in movies when they know you can't get those things.

Tinubu knows very well that those that need the loan can't afford the conditions and those that can afford the conditions don't need the loan. Would I know a Director in the Civil service or a Judge and I can't afford to pay my school fees? Let's call a spade, a spade.

Okay we accept its nonsense, are you fine now?

Who are those that are happy about the Student Loan?

Some even said "Tinubu can continue, he is taking hard decisions".

For that reason, someone had to break down the smokescreen called Student Loan.

It's just an attempt to remove "Education Subsidy" without causing an uproar.

Now let's dive in:

Who qualifies for the Student Loan?

The simple answer is: NO BODY.

It's almost impossible for you to qualify for the Student Loan and here is why.

1. An applicant or his parents must provide tax clearance: This is not totally bad till you see number 2.

2. The Applicant or his parents must be earning total income less than #500k a year. Now slow down and do the maths.

To earn #500k a year means that the husband and wife are earning less than #41,000 a month. That is #20,000 each.

While minimum wage is #30,000.

Which means if your both parents are earning, you are automatically disqualified because they are either earning more than #41,000 or they do not pay tax because you cannot pay tax on salary below minimum wage.

3. Now here is the high jump of the Act: These 2 people earning less than #50,000 will now have to provide a DIRECTOR IN CIVIL SERVICE and a LAWYER OF 10YEARS IN SERVICE as Guarantor.

Take into consideration, yourself doing good for your self, do you know a DIRECTOR in the Civil Service?

But that is not the worst part.

4. The Director and Lawyer has to surety that if you default, they will pay the loan.

Do you know what that means, NO DIRECTOR WILL TAKE SUCH SURETY.

But here is the worst part.

5. After you meet all these requirements, will you get the loan?

NO!

The Act said "Loan will be given when funds are available. In other terms, you are still at the mercy of the system"

In summary:

If you add your father and mother's income monthly, it must not be more than #41,000 a month or #500,000 a year.

Your father and mother must look for a Director in Civil Service to Surety your loan.

The Director will send his Payslip document to the Bank saying that if you fail to pay, he will pay. Who will do this one for you?

Did I tell you that the Bank MD will be the one to give approval? Bank MD !

Did I also tell you that if you don't start repaying after 2years of graduation, you will go to jail 😩

Many graduates have not even gone to NYSC in 2years after graduation.

The worst part now is: School Fees will go up above the loan amount because Federal Government has announced that they cannot continue to fund University.

So if you are reading this, you are not qualified for the Loan.

Edited:

Maize247:
It's not compustry to seek for loan na.

It's not compulsory but here's the catch... Federal higher institutions don't pay tuition fees (its not in the school fees they pay). Now FG will introduce tuition fee, which is the only fee that the loan can cover.

So in essence, a student that successfully gets the laon, will still pay the same amount other students are currently paying, while the unsuccessful ones will pay higher.

Ruggedniggaone:
wont those people that don't want to take loan be forced to do so or drop out if govt stop funding universities education and school increase the school fees?where are the poor man children going to get 200 to 300k they will be paying for school fees?they will be left with either to take loan or drop

must they go to school?

ivandragon:
The students' loan is a poisoned chalice.

It will further impoverish Nigerians & finally end whatever is left of the middle class.

Government will hands off funding Tertiary institutions. So school fees will probably be in the region of between 350k to 600k depending on the program.

Those who should qualify are supposedly the poorest of the poor. Now who will guarantee such a person knowing fully well how difficult it is to get jobs in nigeria.

then no need to take the loan

Cromagnon:
then no need to take the loan

Sure. After all every Nigerian can afford to easily pay over 350k per session on tuition fees for thier children.