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 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 graduate 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.

Credit: Azumbe Okeuwakatara