Student Loan Bill

President Tinubu recently signed a bill into law that now allows for a student loan in Nigeria, and this move has assured citizens he meant business when he promised to hit the ground running. However, think of the bill as the government’s way of possibly removing subsidies from education in the country.

This means that federal universities might beef up their tuition fees and the last thing you want to do is take a loan to study courses that aren’t relevant in the current digital age. We’ve checked, and these tech courses are available in a number of Nigerian universities.

Data Science and Analytics

Source: Analytics Insight

Skilled data scientists are in high demand across various industries in the world. By learning data science and analytics, you can acquire the skills to analyze complex data sets and gain valuable insights. With these skills, you can become a tech-bro or sis and paying repaying that student loan will be easy work.

Schools that offer data science and analytics-related courses:

Federal University of Technology Minna | MSc Computer Science

Covenant University | MSc Computer Science

University of Nigeria, Nsukka | MSc Computer Science

Babcock University | MSc Computer Science

Digital Marketing:

Source: Springboard

Studying a course in digital marketing can set you up with the skills to help businesses and organizations reach their target audiences and promote products or services online. This field offers career options such as social media marketing, content creation, and search engine optimization. It’s a good course to invest in if you’re thinking of taking a student loan in Nigeria.

Schools that offer digital marketing-related courses:

Lagos Business School | Digital Marketing – Strategies for Winning in the Digital Age

Pan Atlantic University | B.Sc. Information Science and Media Studies (Digital Media) | Msc Media and Communication

University of Lagos |Mass Communication

Covenant University | BSc Marketing

Software Development

Source: Turing

If you’re taking a student loan in Nigeria, a course in software development should be on your radar if you want to get lucrative job opportunities after uni. By enrolling in a software development course, you’ll learn how to create mobile apps, websites, and software solutions. Maybe you’ll build the next Paystack, who knows?

Schools that offer software development/engineering-related courses:

Babcock University | BSc Computer Science (Information systems, technology)

Federal University of Technology Akure | BSc Software Engineering

Covenant University | MSc Computer Science| AOS: Software engineering, artificial intelligence, mobile computing, machine learning

Miva University | BSc Software Engineering

Cybersecurity

Source: Food safety magazine

In an age where companies are prone to cyber threats aka ‘working boys’, many are investing heavily in protecting their digital assets. By studying cybersecurity, you’ll learn how to help organisations safeguard their systems, detect and prevent cyberattacks. There’s a growing demand for cybersecurity professionals and this is a solid investment if you’re taking a student loan in Nigeria.

Schools that offer cyber security courses:

Federal University of Technology Akure | BSc Cybersecurity

Miva University | BSc Cybersecurity

Mewar International University | BSc Cybersecurity

Babcock University | MSc Cybersecurity | PhD Cybersecurity

Federal University of Technology Minna | MSc Cyber Security

Artificial Intelligence (AI) and Machine Learning (ML):

Source: Maruti Techlabs

By gaining expertise in AI and machine learning, you’ll be a hot cake in the business world. With the ability to analyze complex data, develop algorithms, and build AI-driven applications, the harsh labour market has got nothing on you.

Schools that offer artificial intelligence and machine learning-related courses:

Babcock University | MSc Artificial Intelligence, MSc Data Analytics and Business Intelligence

Covenant University | M.Phil/Ph.D Computer Science | AOS: Artificial Intelligence, Machine Learning

Mobile App Development:

Source: Vival Technologies

With the rise of smartphones and mobile applications, the demand for skilled app developers has never been higher. By learning mobile app development, you’ll acquire the skills to build innovative and user-friendly applications. Think about some of your favourite apps: Twitter, TikTok, Instagram and Snapchat, talented minds created them and you can be one of them too.

Schools that offer mobile app development-related courses:

Covenant University | MSc Computer Science

Babcock University | BSc Computer Science (Information systems, technology)

Federal University of Technology Akure | BSc Software Engineering

Robotics and Automation:

Source: Prime Business Africa

The field of robotics and automation is booming, and there’s even a fear that robots might flood the labour market and render many jobless. God, abeg. But what if you’re the one building the robots? By studying this course, you’ll learn how to design and develop robots, automate processes, and integrate technology into various industries.

Schools that offer software robotics and automation-related courses:

Nile University | BEng Mechatronics Engineering

Airforce Institute of Technology | BEng Mechatronics Engineering

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Adeyinka Odutuyo

June 13, 2023

Campus, Inside Life

Nigerians, Student Loan Bill, Tinubu
On the evening of June 12, 2023, the talk on social media revolved around a single topic—the newly signed student loan bill by Tinubu.

The Bill was introduced in November 2022 by Femi Gbajabiamila, Nigeria’s current Chief of Staff, who was a member of the House of Representatives at the time. This new Bill seeks to provide interest-free loans to students in tertiary institutions with the aid of a National Education Bank.

President Tinubu signs student loan bill into law [Vanguard Newspapers]

While this bill is seen as a step forward regarding its potential benefits, it has faced criticism regarding its implementation. Many members of the public are concerned about how students will be able to repay these loans, given Nigeria’s high unemployment rate and widespread poverty.

How will they pay back when there is no job ?!
— FlowBag (@flowbag2) June 12, 2023

https://twitter.com/0biNnaemeka/status/1668331018535985152?s=20

At the Citizen, I cover issues affecting Nigerian students, and this Bill has greatly interested me. In January, we published an article that shed light on Tinubu’s long-standing support for and endorsement of the bill since 2015, including its drawbacks.

ICYMI: Will Tinubu’s Student Loan Plan Work in Nigeria?

Here we are now, six months after that article was published. We’ll go into all the specifics of what the Bill entails. If you’re a student who still wishes to apply for a loan, this ABC information is for you. And if you are not a student, perhaps it’s time to consider taking another Jamb examination if you are interested in its benefits.

Who are these loans for?

Applicants who can access the loans must have the following:
- Admission to a Nigerian educational institution (university or polytechnic)
- Interest in taking the loan ONLY for tuition fees
- House Income that’s less than ₦500,000
- Two guarantors. These should be civil servants, lawyers or judicial officers who have been in service for more than 12 years
You won’t get these loans if you are/have:

Previously defaulted on loans

For the government, if you’re a chronic defaulter on loans given by previous organisations, you do not stand a chance of qualifying for the loan.

Wahala be like bicycle

Parents who are also loan defaulters

For the government, your parents’ sins are your sins too. If your parents also happen to be debtors on loans, either student loans or loans from other organisations, the applicant will be disqualified.

Guilty of exam malpractice and felonies

An aspiring applicant won’t be able to access the loans if a school board has found them guilty of exam fraud or felonies by any judicial court.

So much for second chances

How does the government plan to fund this loan?

Here’s the plan to fund the National Education Bank:
- Interests arising from deposits in the Bank
- Education bonds
- Education endowment fund schemes
- 1% of all taxes, levies and duties from the Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS) and Nigeria Customs Service (NCS).
- Donations, gifts and grants
How does repayment of the loan work?

Every beneficiary is to commence repayment two years after completing the National Youth Service Corps (NYSC) programme. Before then, students’ academic records (which contain the year of graduation, NYSC enrollment year, and employment) will be monitored.

If the applicant is employed by an organisation, there will be a 10% deduction from their salary into the Student Loan Account until repayment is complete.

Entrepreneurs would have to remit 10% of their profit to the Student Loan Account as the bank prescribes while submitting their corporation’s details.

The punishment for defaulters? Two years imprisonment or the option of a fine of ₦500,000.

Just imagine being behind bars for defaulting to pay back

With this knowledge, how do I apply?

Interested applicants are expected to submit:
- A copy of the student admission letter
- A letter written by the guarantors addressed to the chairman and governing board of the Education Bank recommending the student and accepting liability.
- Two passport photographs from guarantors
- Corporate Affairs Commission (CAC) documents if the guarantor is self-employed
If interested, don’t snooze. You’ll only have 30 days after the admissions close for an academic year to submit your documents. After submission, you can expect your funds in no more than 30 days.

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Chiamaka Dike

June 13, 2023

Citizen

Nigeria, Student Loan Bill
If you’re a Nigerian student feeling discouraged from pursuing a tertiary education because you can’t afford tuition fees, we have good news for you! You’ll soon be able to get a student loan from the government with zero interest!

How’s this possible?

The Student Loan Bill provides public university students with financial assistance through the creation of a Nigerian Education Bank. The Senate and House of Representatives have passed the bill, sponsored by the Speaker of the House of Representatives, Femi Gbajabiamila. We only need President Buhari to sign it into law.

However, as it is with everything concerning Nigeria, getting your credit alert from the government won’t be without some critical conditions. We compiled the most important things Nigerian students should know before applying for a loan if the bill becomes law.

You have to secure admission into a public institution

It goes without saying that you can’t access a student loan without being a student. Only Nigerian students who have gained admission into a public university, polytechnic, or college of education are eligible to apply.

To private university students, the government said:

Your family must be broke

This loan scheme wasn’t made for rich kids. To qualify, you and other members of your family must earn less than ₦500,000 per year. You probably sleep like this every night:

No loans for previous debtors

If you, or even your parents, are yet to pay up on previous government loans, you’re definitely ineligible to apply for a student loan. The government isn’t playing with its money.

No loans for those guilty of exam malpractices

If you have ever cheated in an exam and got caught, no loan for you.

No loans for druggies

If you have a criminal record for using banned substances like cocaine and weed, don’t even bother applying.

How can one repay the loan?

For those lucky enough to secure the bag, you’ll start repaying the loan two years after the completion of the National Youth Service Corps (NYSC) programme. The government will deduct 10% of your salary every month and remit it to the Student Loan account.

How can you apply?

To get started, you have to submit your application and a cover letter explaining why you’re the best fit for the loan via the student affairs office of your institution. You should have the cover letter signed by the head of the institution and the student affairs office.

But remember, nothing happens until this guy signs the bill into law.

Chiamaka Dike

November 28, 2022

Citizen

Nigeria, Nigerian students, Nigerians, Student Loan Bill