“First and foremost, the modality for loan recovery will be done by the employers, which is what we are putting in place at the moment. The loan is N500,000 per year. So, in four years of schooling, that adds up to N2m. And it is interest-free, which means you are not paying more.”
“You will pay the baseline 10 percent. But if you so wish, you can ask your employer to increase your recuperation rate.
“If you don’t want to be burdened by any debt, you can give a standing order that you want your employer to take away 15 or 20 percent of your salary every month, or you can choose to clear it up all at once. If you do your business and can make enough money, you can clear it up,” the source disclosed.
Asked if the rates would be prorated according to the remuneration package of beneficiaries, the source replied, “Everyone will pay a flat rate.”
Join our twitter community :