What’s the essence of finishing the school with the loan taken without a means of paying back after school? Does that makes sense?
The loan will be paid back after the person is employed. If what I watched about it is true, the loan payment will be spread over years, probably in a way that will be convenient for the borrower.
I’m not sure about the employment status before the person can pay back the loan but the repayment of the loan will commence two years after NYSC. I just hope employment is readily available for such graduates within the two years after NYSC, so that they can pay back on time and the process remains swift for the betterment of all Nigerian students.
My biggest fear now it is execution because almost everything in Nigeria even those meant for the less privilege are most at times hijacked by the higher class or they would request for tip off before granting them the law. So I think the government shouldn’t just set up a central office just yet. The approval should come from each school. When a student can’t get funds to register for a session then the school should be in a position to grant him that loan. This will maybe reduce the number of student that could request for this loan and probably not still in academic year either through graduations or have been expelled out of the school.
Before the bill was being passed it must have a passed a lot of scrutiny by top officials and the president is already briefed and aware of how it will be executed, I hope the process doesn’t favour the elites only. Part of the process of acquiring the loan is that the student must not have being convicted for any drug related offences, not engaged in dishonesty or fraud, not caught engaging in examinations malpractices in school or in the past, also if they or the parents have not defaulted in any loan in the past. If this process is followed strictly, then we’ll get some level of transparency in the whole process.