Section 28: Repayment of loan.

(1) Any beneficiary of the loan to which this Act refers shall commence repayment on graduation from the course for which the loan was obtained, having secured employment in any capacity.
(2) A beneficiary who desires, may commence repayment of the loan at any time before the completion of his course of study.
(3) The Fund shall not initiate enforcement action against a beneficiary of loan from the Fund until two years after the completion of the National Youth Service Corps programme or exemption from it.
(4) Repayment of the loan shall be by monthly deductions not exceeding 10% of the gross income of the beneficiary until the loan and all charges are repaid to the Fund.
(5) Notwithstanding the provisions of subsection (3), a beneficiary of a loan may receive an extension from the Fund by providing a sworn statement in such manner as the Board may determine, indicating that he is not employed in any capacity and is not receiving any income.
(6) A person who provides a false statement to the Fund under this section, commits an offence and is liable on conviction to imprisonment for three year.