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The Students Loan Bill recently passed by the National Assembly recommended two years imprisonment or N500,000 or both for students who default in repayment or anyone found aiding defaulters.
As part of efforts geared towards addressing funding challenges in the country’s tertiary institutions of learning, the National Assembly recently passed the Student Loan Bill, which has faced much criticism, into law.
What to be aware of
Beneficiary must have a family income of N500k/annum
Two civil service Guarantors, one Lawyer & Judicial officer
Repayment after 2years of NYSC
Repayment is by direct deduction of 10% of salary/profit
Defaulters 2years jail term or a fine of N500k or both
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