16/06/2023
I noticed some people are happy about the Student Loan
Some even said "Tinubu can continue, he is taking hard decisions".
For that reason, I have decided to break down the smokescreen called Student Loan
It's just an attempt to remove "Education Subsidy" without causing an uproar.
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 applicants or his parents must provide tax clearance: This is not totally bad till you see number 2.
2. The Applicants or his parents must be earning total income less than a year. Now slow down and so the maths
To earn 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 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
