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‘Student Loan Repayment Will Not Allow Graduates To Japa’- Nigerians Reacts To New Law

While the FG has touted the bill to be a solution to the case of lack of funds hindering indigents’ educational pursuit, Nigerians have shared different complaints regarding the bill, ranging from the strict punishment for repayment defaulters to the unavailability of jobs to pay back the loan.

A Twitter user, @AwesomeDera tweeted saying, “The loan will keep graduates in Nigeria (especially medical professionals) until you repay your loan in full, no JAPA for you.”

Another user, @Chriz_lynx1 tweeted, “Even the process to get the loan would make you lose interest. You can’t be taking student loans in a country where getting a good job now seems to be a miracle…some people go learn the hard way.”

@Olugbileol decried the stringent conditions attached to qualification for the student loan.

“How will the Students whose Parents are struggling in Cocoa Farm access this Loan with its stringent condition!? Those conditions will be difficult for truly indigent NIGERIAN Students to meet!” he tweeted.

Some of the conditions in question include, Applicant’s Family income must be less than 500,000 per annum and the Applicants must have two guarantors, Civil servants not less than level 12, A Lawyer with at least 10 years post call, or a Judicial officer or Justice of Peace.

Below are some other reactions by Nigerians to the new student loan law.

@FS_Yusuf_ tweeted, “Nigerian youths don’t have a problem of going to university. They have a problem of life after university – getting jobs. That Tinubu Student Loan policy is a complete disconnect from the reality in the country.”

@firstladyship tweeted, “America has massive jobs market. Yet millions can hardly repay their student loan. Nigeria has 133m multidimensionally poor & unemployment will hit 46%. Instead of loans, give Education Grants. I hope u know that student loan is a knee-jerk Populist Agenda to excite the gullible?”

@Joejohnseen tweeted, “And then they attached jail term and 50,000 or so as punishment for defaulters. Is this not some fast way of sending defaulting students to prison coz I can bet defaulters would be countless.”

@david_ezinwa tweeted, “We know the student loan is just like the Nigeria airway. Policy implementation is still an Herculean task in Nigeria.”

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