No Collateral Required For Student Loan – Sawyerr

Federal government has said no student will be required to provide collateral to access student loan in the country.

The executive secretary, Nigerian Education Trust, Akintunde Sawyerr, stated this when he appeared on Channels TV programme “Politics Today” monitored by LEADERSHIP in Abuja.

He said the student loan was a laudable initiative, adding that the government was ready to launch it

“There is no collateral, but there are some eligibility criteria clearly spelt out in the law.

“We are ready to launch the student loan initiative. Once the president gives the go-ahead, we will launch it,” he said.

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On the moratorium period, he said, “The Student Loan Act says two years after NYSC, you are obliged to start looking for a means of repaying the loan. It doesn’t state that you must pay the loan two years after NYSC. It states that you can start repaying the loan if you are earning”.