THE LAW ON STUDENT LOANS SUGGESTS TWO YEARS IN PRISON FOR DEFAULTERS.

On Monday, June 12, President Bola Tinubu officially enacted the Students Loan Bill.

The new law offers needy students an interest-free loan that they are simply need to repay with the exact amount they received.

Only students enrolled in higher education programs in Nigeria are eligible for the loan, which is only intended to cover tuition costs.

Defaulters, or anybody supporting them, will be subject to two years in prison, a fine of N500,000, or both upon conviction. Loan repayment will start two years after the NYSC Scheme is completed.

A student may also be disqualified if they or their parents have previously defaulted on any loans, they have been found guilty of felonies involving fraud or dishonesty or drug-related offenses, or they have been found guilty of exam malpractice by a school official.