The National Association of Nigerian Students (NANS) is seeking the postponement of the launch of the Student Loan online application over what it calls the absence of input from students. While speaking with Newsmen on Sunday, the National President of NANS, Comrade Lucky Emonefe, said the association hopes to submit a letter to the President on Monday regarding the issue.
He regretted that the Executive Secretary of the scheme had not met with students to get their input into how they wanted the scheme to run. Emonefe also frowned at the fact that students in private higher institutions would be beneficiaries of the scheme
On how the body wants the money paid to beneficiaries, Emonefe said those in need of tuition fees would have their money paid to their schools, for accommodation purposes, the money would be paid directly to their landlords while those who need pocket money would have their money paid into their accounts.
The major areas some stakeholders want to be amended are eligibility for the scheme, those to serve as guarantors for beneficiaries and the repayment period. Apart from being a student of a higher institution in the country, other main conditions to benefit from the scheme include that an applicant’s income or family income should not exceed N500,000 per annum;
The applicant must provide a minimum of two civil servants as guarantors with either of them in at least, level 12 in the civil service or meet the following criteria: a lawyer with at least 10 years of post-call experience, a judicial officer, or a Justice of Peace; among others.
Repayment of the loan will commence two years after the completion of the National Youth Service Corps (NYSC) programme, and the repayment amount will be deducted directly from the beneficiary’s salary at a rate of 10% by the employer, while self-employed beneficiaries will remit 10% of their total monthly profit to the designated Students Loan account prescribed by the Bank.
The online application is expected to be launched on the 21st of February, 2024