Newsome reports that the Central Bank of Nigeria (CBN) has developed grants for graduates and students to reduce unemployment. Visit cbnties.com.ng portal for CBN N500k grants registration.

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Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian Polytechnics and Universities, exploits the potential of graduate entrepreneurs in Nigeria.

Apex Bank said TIES aims to increase access to finance for Nigerian polytechnic and university graduates and graduates with the innovative business and technological ideas

The Supreme Bank said the creation of the TIES aims to address the trend of white-collar job seekers and focus on job creation.

The scheme is designed to create a paradigm shift from a “white-collar” job search culture in an entrepreneurial culture to economic growth and job creation between undergraduates and graduates, “said CBN.

As for the grant, CBN will allocate N500 million. among the top 5 third-best delivery organizations.

CBN said: “The top five polytechnics and universities in Nigeria with the best entrepreneurial trends/ideas will be awarded first place: N150 m; second place N120 m; third place N100 m; fourth place N80 m and fifth place N50m “.

Apex Bank has announced that it will form a private and public sector expert organization (BoE) for two-year regional and national entrepreneurship competitions to assess the entrepreneurial and technological innovations offered by Nigerian polytechnics and universities. BoE will recommend high-potential projects. and the variable impact on the award of the grant.

Key highlights of the guideline / CBN Introduces N500 Grants for Graduates

Projects funded under the scheme will be monitored by independent monitors set up jointly by CBN and MFIs.

This scheme will run for the first time (no later than 31 December 2031) in 10 years, depending on the complexity of the project.

Repayment of interest and principal must be made on a monthly or quarterly basis according to a set cash flow cycle and according to an approved repayment schedule.

Eligibility Criteria / CBN presents N500 scholarships to graduates

Applicants under the scheme will be graduates of Nigeria Polytechnics and Universities:

i. First-degree certificate (BSc/HND/ or it is equivalent);

ii. National Youth Service Certificate (NYSC) discharge or
exemption certificate;

iii. Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and

iv. Not more than 7 years post-NYSC

The CBN N500k Student grants and Direct undergraduate grant programs in other terms are known as Government Loan.

It is a program that provides Students, Guardians, and Parents with the best opportunity to get grants or borrow funds.

The Money loaned from the Government is expected to serve you a specific purpose academically and otherwise.

Also, note that CBN N500k grants Direct undergraduate program is different from the Youth Empowerment Program.

This Grant is designed to assist students and guardians financially to avoid stories that touch the heart.

However, while applying for the grant you need to be aware of the above scheme in charge of the program will ask for active College documents which will qualify you for the grant.

We pass this information on to enable you to have in mind all that is required in participating in the program.

One is assured the process is not difficult and not that stressful.

However, having understood what the Federal Government Student Loan is about, we will go forward to the core issues.

3 Core Types of The Federal Student Grant and Direct undergraduate Loan program

They are 3 different core but similar types of Federal Government Student Grant Programs.

you will have to go through all of them and pick the one that suits you the most at the moment.

Direct Subsidized Grant

This loan is particularly for students, as a student before you can apply for the loan you have to provide a demonstration of financial need and how the loan will be spent in some cases.

This instruction was adopted by the federal regulations to ensure that those applying for these specific grants are serious about usage and spending.

This Loan comes with a zero interest charge since you are still in school as an undergraduate.

It’s termed a time of grace as loan payment is temporarily postponed.

Direct Unsubsidized Grant

This Federal Student loan and Direct undergraduate loan program are not based on financial need. In this case, your college determines the amount of loan you can get based on the cost of attendance and other financial help you get.

There is however an interest rate charged as long as the loan last with you.

this happens when unpaid interest is added to a student loan’s amount for a specific period.

This intends to increase your total federal student loan cost so you can choose it well and make nice decisions before you apply for the grant.

Direct PLUS Loans

This section is to assist parents or guardians of dependent students professional or graduate students.

The PLUS grant and loans will help you pay for your education up to the cost of attendance.

The total sum of your school estimate expenses you will need to attend one year after your other financial assistance is exhausted.

But before granting this loan, your credit score must be checked.

The CBN N500k grants program must go through your credit history and verify if you qualify.

Borrowers who have an adverse credit history must have to meet the additional requirements to be eligible to obtain the loan.

CBN N500k grants Program Availability

Definitely, you can wish to know whether the school you attend is eligible to participate in the CBN N500k grants program.

Well there’s a college search tool, hosted by the National Center for Education Statistics,

So this tool is free to use and we suggest you do.

Meanwhile, if you are a graduate, there’s still a window for you to obtain a loan other than this program.

There are other good programs available for you if that’s the case.

Student Overdraft Scheme for Graduates Students

If you’re a graduate already, they are a few schemes you can do best to obtain a loan or student aid from.

Teacher Education Assistance for College and Higher Education (TEACH) Grant
The William D. Ford Federal Direct Loan Program

Benefits of These Grants

Flexibility: Even regardless of the source, whichever one it is all are Legal agreements between both parties. You have the chance to change any payment option you desire as long as you pay back with interest.