Some months back, we broke down in bits all the nitty gritty details of the newly signed student loan act. We helped you fully understand just what the government had put into law and what it meant for Nigerian students. Today, we bring you an update as to when the official commencement of this act will take place.


## Here’s a brief recap on the student loan act
President Bola Ahmed Tinubu signed the Access to Higher Education Act 2023 into law on Monday, June 12, which was a significant decision. He fulfilled his promise by starting a test student loan program. The program aims to help more people access education, regardless of their background.


The “Student Loan Act” aims to provide Nigerian students in college with interest-free loans. Additionally, the Act establishes an Education Loan Fund, designed to assist Nigerians in funding their higher education interests.
On June 14, 2023, the government promised to prepare for the student loan program to start between September and October 2023. Since the announcement, there has been no updates or progress on the scheme.


Of course, we know the government has been working tirelessly to see this bill come into play. Good things take time after all.


Many people may have expected the delay in commencement, but the recent tuition hikes at many higher institutions were unexpected. Students and parents from the affected higher institutions have expressed worry and anxiety as the combination of increased tuition costs and the postponed introduction of the loan program has created financial instability amongst many. Coupled with the many other hikes in various spheres of the Nation.


## Here comes the good news
Many Nigerians are skeptical about the bill’s implementation, given the government’s history of poor follow-through. This skepticism is understandable. President Tinubu announced that the government will start giving student loans to Nigerians in January 2024.


At a summit in Abuja, the President announced plans to expand the student loan program to help Nigerians, easing their difficulties and reaffirming his commitment to this goal.


David Adejo, the Permanent Secretary of the Federal Ministry of Education, confirmed that the Nigerian government will begin offering student loans in the 2023/2024 school year. This announcement was made during a meeting with the House of Representatives Committee on Student Loans.


However, he dismissed rumors that federal universities have increased fees following the enactment of the Students Loan Act. We beg to differ.
As we await more action and less talking from the Government, we keep our fingers crossed and hope the implementation is more effective than we expect.


Now, fellow Nigerians, the ball is in your court. Share your thoughts on the latest update, we’d love to know what you think about the student loan act. Do we just stick to fast loan apps for educational loans or consider the Government’s new initiative. Send us a message now at hello@snapcash.ng!.


What’s next for the newly adopted student loan act?

As you dey plan for money…na so money sef dey plan for you!


Have you ever been in a position where you’ve saved up a particular amount more times than you can count?


You save. Obinna needs money to buy a lecturer’s handout. You spend.


You save again. Mama falls sick. You spend.


You save AGAIN! Water from the flooded streets of Lagos knocks your car engine. You spend.


Frustrating right?


When it comes to loans… you may be tempted to run away…


This is your reassurance that GOOD lenders (like SnapCash) understand that LIFE HAPPENS to everyone and even when you plan to repay on the due date, an unplanned emergency could pop up and you hit a roadblock. If this happens to you, there’s no need to panic or abscond (you’re not a thief are you?!).


Take a deep breath and follow the steps below to make informed decisions that’ll get you out of financial muddy waters in no time…


## Contact the lender immediately
The first instinct most people have when they realize they are unable to pay back their loan on time is to panic, dread and hide. While this might be a natural response, it does more harm than good.


They sit, fret and wait for the lender to call and ask why they haven’t paid their debt or inform them of the seizure of their collateral.


This is what most people go through, but you are not most people and can avoid this. It’s quite simple, when you get into a tight situation that’ll deprive you of meeting the repayment date, it’s now time to make that ‘bound-to-be-uncomfortable’ but ‘needed’ CALL to the lender.


Explain your situation to them with sufficient evidence, so they don’t think you are trying to skip on your payment. Informing them of your struggles on or after the due date makes you seem like a fraud, so contacting the lender and keeping them informed shows a level of trustworthiness they might not have known existed. (Don’t blame us! We are used to super-stories from borrowers too).


## Ask for a grace period
The next thing you should do when you can’t make loan payments on the due date is to ask for an extension AKA GRACE PERIOD.


Now that you’ve contacted the lender and explained your situation, you can ask for a grace period as a means to smooth out any problem affecting loan payment.
Depending on their terms, lenders may grant a grace period of 0 to 30 days after the due date.


During this extended period, you will be free to work through your financial difficulties, and here’s something really interesting — when you resume debt payment you won’t be asked to pay a late fee. (See why honesty is the best policy!). The grace period also gives you a chance to restructure your loan with the lender and agree on terms that are fit for you and the lender.


## Restructure your loan terms
Restructuring the terms of your loan can take the form of reduced interest rate, extended repayment period or reducing the remaining balance. (Plenty of options available for you!)


It will give you some relief and make it easier for you to repay your debt. It could be temporary or permanent. Temporary restructuring is such that your terms will be adjusted for the period you are facing problems while permanent restructuring is such that your loan terms are adjusted and the adjustments are kept even after your problems have been solved.


## Budget and save towards clearing up debt
Once your loan has been restructured…
The panic dies down and you relax back into your any-how money routine.
No! Don’t do that.


Now would be the time to swiftly get your finances in check and pay back your loan. And you do that by strict budgeting, that’ll allow you to save up enough to clear up your debts within your grace period.


Remember that for the duration of your grace period any debt paid off will not attract a late fee.


And while it may entice you to look for get-rich-quick investments, you should not succumb to the temptation, as a high-risk investment is another means to splurge your money and end up in the financial trenches. AGAIN! (Suffer nor dey tire you?).


## Pay your debt
Well, this speaks for itself. Doesn’t it?
Once you’ve followed the above steps; contacting the lender, asking for a grace period, restructuring your loan terms and budgeting to save up, you can now pay your debt with ease.


The lender will thank you for it and might even sneak your name into the responsible borrowers’ list. Here’s a way to know how you can make that list.


A rule of thumb is to always clear up pending debts before your grace period elapses. It not only boosts your credibility but also your loan worthiness for the future.
…
As always, SnapCash will always get you out of sticky financial crises with our never-ending curated information just for your consumption!
We’re always happy and available to offer you expert advice and opinions…
Shoot us a message at hello@snapcash.ng for more clarification on what to do when you fall short on repayment!





What to do if you can’t repay your loan when due

Life has a funny way of throwing curveballs just when you think you’ve got everything figured out. You’ve paid your rent, handled the school fees, and sorted out the essentials. Then suddenly, your phone runs out of data during an important meeting, or you realize you’re out of fuel on your way to an appointment. N10,000 may not seem like a lot to some, but in these moments, it’s the lifeline that keeps your day on track.


In today’s world, having access to a small, quick loan can be the difference between resolving a minor inconvenience and spiraling into a bigger financial mess. With a growing number of Nigerians looking for ways to manage unforeseen expenses, getting a fast N10,000 loan is more relevant than ever.


## What can 10,000 naira do for you?
Let’s face it: N10,000 won’t change your entire financial situation, but it can definitely save you from a few headaches. Whether it’s topping up your electricity meter, paying for unexpected transport, or restocking groceries, having a bit of extra cash on hand can provide much-needed breathing space.
Let’s break it down:


## Medical emergencies
Perhaps a family member falls ill unexpectedly, and you need to buy medications urgently. 10,000 naira can help you avoid delay, allowing you to quickly get the care or medicines you need.


## Household expenses
Imagine running out of electricity or gas, and payday is still a week away. With N10,000, you can keep the lights on or prepare meals without borrowing from friends or family.


## Transport costs
Whether it's an urgent trip to handle a family issue or a need to get to work, unexpected transport expenses can throw a wrench into your plans. That quick loan of N10,000 ensures you don’t miss important appointments.


## Phone/data refill
In today’s digital age, being without data can stop many of our daily tasks, from work to personal communication. A small loan like this can ensure you stay connected when it matters most.


When you think about it, N10,000 is more than just a number; it's the reassurance that you can handle minor crises without derailing your budget. According to recent reports, access to a quick N10,000 loan could be the key to navigating through a tough week in a country where the unemployment rate hovers around 33%. It’s not about luxury. It's about survival and stability when life’s uncertainties strike.


Where can you get an urgent 10,000 naira loan?

SnapCash  offers a smooth loan process ranging from N2,000 to N50,000. You don’t need any collateral or extensive paperwork, just basic information, your BVN, and a valid ID. With a flat interest rate of 15% and a small processing fee, SnapCash is perfect for anyone who needs fast cash with minimal hassle. Plus, the money is disbursed in minutes, with repayment periods of up to 30 days.


## Why choose SnapCash?
While there are plenty of platforms offering quick loans, SnapCash’s simplicity and accessibility make it a top choice:
1. Minimal requirements: You only need your BVN, valid ID, and some personal details — no lengthy paperwork involved.
2. Inclusive: Whether you're employed, self-employed, or temporarily unemployed, SnapCash makes loans accessible to everyone.
3. Round-the-clock access: SnapCash operates 24/7, meaning you can apply for a loan whenever an emergency strikes.
Multiple channels: You can access loans via our mobile and web app.


## Get 10,000 naira loan for when you need it the most
Unexpected expenses don’t have to derail your financial stability. With SnapCash, you have a reliable solution at your fingertips, whether you need a small loan of N10,000 or more. SnapCash's flexible lending options ensure you can tackle unforeseen costs without added stress or delays.





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What’s next for the newly adopted student loan act?

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Need an urgent 10,000 naira loan? Here’s where to get it