Applying for the Nigeria student loan is one of the worst things a student in college or aspiring for higher education should consider and here are some of our expert reasons.
The Bill Has No Good Intention
If you go through the bill, you will understand that the conditions are designed to punish college youths more. First of all your parents need to be earning not more than ₦40,000 per month which has totally disqualified lots of students.
And, to students that are still in the picture you need to have a good relationship with 2 civil servants that have been at least 12 years in service or you have a lawyer that has at least 10 years post-call experience. Please tell me how many families that earn this low have these kinds of relationships.
And the list goes on, but the most painful part of it is the repayment aspect, where you need to start making repayment 2 years after completing the mandatory one-year National Youth Service Corp (NYSC). And if you fail, will attract a fine of ₦500,000 or 2 years imprisonment or BOTH.
Except the intention of the government is to increase the already filled-up prison, I see no reason they should give such a repayment plan knowing that it’s very hard to get a job (not even a good one) after graduation. We live in a country where the unemployment rate is at 41% and this is the best solution they could come up with?
Even Western Countries Find it Difficult to Pay Back their Student Loan
Let’s say you have so much belief that you’ll be one of the exceptions that will get a very good job after graduation (which is our prayer, by the way), you should know that some countries that have been successfully operating student loan for centuries, even with their better economy still find it difficult pay back.
For instance, the United States has a student loan debt of more than 1.7 trillion, with over 45 million Americans trapped in this loan, and the rate of defaulters in 2023 is said to reach 40%.
So if you think Nigeria will give you the privilege to pay back earlier without defaulting coupled with the rise of the inflation rate (22.2% as we speak), then you should think again.
Scholarship is the Best Solution, Now
Sadly, we are now seeing an increase in tuition fees in the higher institutions in the country, even in federal universities, and with the introduction of this Nigeria student loan bill, it will likely increase more. So we would advise you to go for scholarships.
Fortunately, some companies in Nigeria like NNPC, MTN, AGIP, Zenith Bank, etc, provide some scholarships that enable Nigerian students pursuing higher education to reduce or completely waive school fees.
Regardless of your grade, you must sit for an exam to get most of these scholarships, and the exams are easier than you think if you know what you’re preparing for.
Scholarship Past Questions and Answers
We all that succeeded through WAEC and JAMB in Nigeria have seen the importance of past questions, even though some questions might not be repeated at least it gives us a model, a blueprint of what the questions are like. That’s why you should never write any scholarship exam without past questions.
You should also know that some scholarships are once in a lifetime, once you miss it, it has gone. We would advise you to get a reliable Scholarship past questions pdf, getting a compiled Past questions and answers is better because you will get prepared for any scholarship thrown to you.
Here are some samples of these past questions;
1. If p is a prime number, how many factors does p3 have?
(A) One
(B) Two
(C) Three
(D) Four (E) Five
2. A business has been ordering 50 shirts through Master Ad monthly for the past year. What would be the percent change of their annual order if they are to start working with Big-time starting next year?
A. 2.6
B. 24.58
C. 28.47
D. 42.65
E. 46.56
3. Raju runs 1250 meters on Monday and Friday. On other days he runs 1500 metres
except for Sunday (He does not run on Sunday). How many kilometres will he run in 3 weeks (the first day starting from Monday)?
A) 12.5km B) 20.5km
C) 8.5km D) 25.5km
4.) In a school there are 250 students, out of whom 12 percent are girls. Each girl’s monthly fee is ₦450 and each boy’s monthly fee is 24 per cent more than that of a girl. What is the total monthly
Fee of girls and boys together?
(A) ₦ 1, 36, 620
(B) ₦ 1, 36, 260
(C) ₦ 1, 32, 660
(D) ₦ 1, 32, 460
From the options lettered A-D, choose the option that best completes the
sentence
5. He is _______ a sailor
(a) Cut down
(b) Cut up
(c) Cut off
(d) Cut out for
6. Our teacher often tells us a story to _______ the meaning of a lesson
(a) Bring in
(b) Bring out
(c) Bring up
(d) Bring forth
7. Who will _______ my room every day in your absence?
(a) Do with
(b) Do up
(c) Do for
(d) Do away with
8.) The problem is who will ______ this child
(a) Bring in
(b) Bring out
(c) Bring up
(d) Bring forth
9. Never ______ till tomorrow what you can do today
(a) Put off
(b) Put by
(c) Put up
(d) Put in
In each of the following sentences, replace the Italicized word or phrase
with a more descriptive Word or phrase that means the same thing
10.) He got three A’s on his report card.
a. observed b. earned c. listed d. Determined
11.) The best-selling author wrote a story that followed her first book.
a. prelude to b.overture to
c. sequel to d.preface to
12. There were so many riders on the Crosstown bus that I was shoved from one side to the other on my way to work.
a. jostled
b. neglected
c. maneuvered
d. abashed
13. Six people, Alan, Betty, Charles, David, Elmer, and Faith. Compete in a
cooking contest at the country fair. Their finishing positions at the contest are as follows:
Alan finishes neither first nor last
Betty finishes ahead of both Charles and David
Elmer finishes in third place
14. Which of the following could be the finishing order?
(a) Betty, Faith< Elmer, Alan, David, Charles
(b) Betty, Elmer, Charles, David, Alan, Faith
(c) Alan, Faith, Elmer, Betty, Charles, David
(d) Faith, Charles, Elmer, Betty, Alan, David
(e) Betty, Faith, Elmer, Charles, David.
15. All of the following could be a complete and accurate list of the finishing order of the six contestants EXCEPT
(a) Betty, Faith, Elmer, Alan, David, Charles
(b) Betty, Alan, Elmer, Faith, Charles, David
(c) Faith, Alan, Elmer, David, Charles, Betty (d) Faith, Betty, Elmer, Alan, Charles, David
(e) Betty, David, Elmer, Charles, Alan, Faith.
16. Which of the following is a complete and accurate list of all contestants who
could finish first?
(a) Betty or Elmer
(b) Betty or Faith (c) Betty, Charles, or David
(d) Betty, Charles, or Faith
(e) Betty, Charles, David.
17. Which of the contestants could finish either first or last?
(a) Betty
(b) Charles
(c) David
(d) Elmer
(e) Faith
And we have compiled 5 scholarships past questions and answers pdf that awards a huge amount of money and that are renewable. This includes Shell, NLNG, MTN, NNPC, and AGIP.
And here’s the best part: for a limited time only, we’re offering an incredible 90% discount! But hurry, this amazing offer expires at the end of July, 2023!
