Student loan now makes it possible for students who otherwise wouldn’t be able to attend college to enjoy studying like everyone else.
However, in Nigeria, a credit history is required to be eligible for a student loan.Â
Compared to private loans, student loans frequently have cheaper interest rates.
The terms of a loan cannot alter over time with fixed interest rates.
All of these are what Nigerian students in tertiary institutions will enjoy going forward.
President Bola Tinubu on Monday June 12, signed the Students Loan Bill into law.
The Act will enable Nigerian students access loans at interest-free rates.
However, applying for a student loan can have several benefits for individuals who are pursuing higher education.
Key Benefits Of Applying For A Student Loan
1. Access To Education:
Student loans provide access to educational opportunities that may otherwise be financially out of reach.
However, they can cover tuition fees, books, supplies, and other educational expenses.
This would allow students to focus on their studies without worrying about immediate financial constraints.
2. Flexible Repayment Options
Numerous student loans include flexible alternatives for repayment, such as delayed payments while students are still enrolled in school or grace periods after graduation.
However, this flexibility may provide students the time they need to find work and build a solid financial base before starting payments.
3. Enhance Career Prospects
Improved employment possibilities and increased earning potential are frequently linked to higher education.
Your prospects of earning a degree or certification that can eventually lead to improved career opportunities and higher income may rise if you pursue a student loan and invest in your education.
4. Financial flexibility
Students who may not have enough money to support their school costs can temporarily benefit from student loans.
People can use their available funds for other necessary living costs or private investments by taking out a student loan.
5. Tax Benefits
Student loan interest payments may be tax deductible in some nations, potentially offering tax benefits.
If you are not in Nigeria, to fully grasp the unique tax ramifications in your nation or region, it is crucial to speak with a tax expert or financial advisor.
However, while student loans can offer a variety of advantages, it is vital to remember that they should be used with caution.
Also, if you want to know how you can apply for the students loan, read more here:Â How To Access Student Loan In Nigeria
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