nexit loan business plan

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NEXIT Loan – Types & How to Apply

Recently, the NEXIT Loan Disbursement date has become a hot topic amongst Npower communities, especially for people who have exited the Npower programme. Essentially, this loan is important because it focuses on empowering past beneficiaries of the Npower scheme. So if you have participated in the Npower programme in the past, you are eligible to obtain this loan to open a business for yourself. Here is what the NEXIT scheme is all about and how to apply for the loan.

An Overview Of NEXIT Loan

NEXIT loan is a special kind of loan that the Federal Government offers to exited beneficiaries of the popular N-Power programme. Basically, the Nigerian government created this loan package exclusively for all N-power beneficiaries who may need money to set up their business.

The NEXIT scheme was established from a collaboration between the Central Bank of Nigeria, the Federal Ministry of Humanitarian Affairs and the Federal Government. The goal is to make it possible for past participants of the Npower programme to create a means of employment for themselves. With the NEXIT programme, N-power beneficiaries can get access to numerous CBN empowerment options. 

How Can I Register And Apply For A NEXIT Loan in 2023?

To sign up and apply for a NEXIT loan, follow the steps we’ve provided below: 

1. First, start by visiting the N-power NEXIT website, https://nexit-fmhds.cbn.gov.ng/auth/signup

2. Next, enter the E-mail address you signed up with during your N-Power registration. 

3. Thereafter, enter your N-power password and click on “confirm”. Remember that your password must remain private and confidential.

4. Input your basic information, such as your first name, phone number, surname, as well as your BVN.

Lastly, go through the details to confirm that you provided the correct information then tap on “submit”. The website will automatically redirect you to one E-mail activation page. Once you reach this stage, just do this:

1. Input your email address again then tap on “Resend Activation Mail”

2. Wait a bit to receive the verification email that the website will send to you. 

3. Thereafter, activate your NEXIT account by tapping on the link provided in the verification email that you got in your inbox. 

After this, you can re-login to the NEXIT website and input all your important information. Once you have completed all these steps, your NEXIT registration is successful. You will then have to stay updated to know when their loan application process starts so that you can apply.

Exciting Read: SMEDAN Loan – Everything You Need to Know

What Requirements Do I Need To Apply For NEXIT Loan?

Here are the conditions you must meet if you want to apply for this loan: 

1. You must be a Nigerian citizen by birth

2. Not presently employed in any government organization in Nigeria (both State and Federal Government)

3. You must be a beneficiary of the N-Power scheme (either Batch A or B).

4. Your National Identification Number (NIN) is compulsory. 

5. Educational qualification certificates 

6. Your NPVN number

7. Bank Verification Number (BVN)

8. The deployment letter you got stating your place of primary assignment (PPA)

9. You will also need a valid and government-issued means of identification such as a voter’s card, Driver’s Licence, NIN Number, National Identity Card, or even an International Passport.

How much is the loan for NEXIT?

If your NEXIT loan application is successful,  you can receive up to 5 Million Naira instant loan without providing any collateral. For this reason, this loan offer is a very attractive one and highly sought after. 

How Can I Qualify For A NEXIT Loan?

Essentially, the NEXIT Loan scheme Business Plan is categorized into 10 parts. They include:

1. Personal Details (Biodata)

2. Business Information

3. Loan Information

4. Equipment List 

5. Working Capital List 

6. Product And Services 

7. Assets List 

8. Competitive Analysis

9. Management Plan

10. Swot Analysis

You have to provide all of these details if you want to qualify for the loan. Nevertheless, this scheme uses some major points to disqualify some applicants. These points are what is listed in numbers 4,5,6, and 7. Also, before you get the loan, the judges will have to assess your Competitive Analysis and managerial Plan.

Note that if you want to qualify for the NEXIT loan, you must have a professional view of how you would use the loan capital if it is given to you. This is one of the questions the judge is likely to ask you during your application process. Don’t forget that your business plan must be professional, well-crafted, and very detailed. 

Recommended: Zedvance Loan – Types and How to Apply

Do I need a CAC Certificate To Access The NEXIT Loan?

If you want to increase your chances of getting the loan or securing higher loan amounts, your business needs to have a CAC certificate. 

With your CAC certificate, you might be able to easily secure a loan amount from N1 million to N3 million. Nevertheless, if you are yet to have this certificate, you may not be able to secure a high amount. Your maximum limit may be up to a million or lesser. Basically, this implies that you may get lower loan amounts to use for your business.

NEXIT 2023 Loan Disbursement Date from CBN 

Don’t be deceived, the Nigerian Government has not yet announced the official date set aside for the 2023 NEXIT batch to start receiving their loans. However, you need to stay updated so you will be aware of when candidates can start applying for the loan. For now, your job as an applicant is just to sign up and log in to the official NEXIT website and ensure that your account profile stays up to date with the necessary information. 

Bottom line 

NEXIT loan is a scheme created by the Nigerian government to help exited beneficiaries of the Npower programme. Essentially, this loan offers funding to the past beneficiaries of the Npower programme who are willing to start up a business to earn a living for themselves. If you are interested in this loan scheme, just start by registering on the NEXIT website. Subsequently, you can apply for the loan once it is available.  

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Nexit Business Plan Form For All States In Nigeria

NPower beneficiaries who were exited last year can now apply for the Central Bank of Nigeria CBN Nexit Business Loan . As a requirement to apply for the Nexit Business loan, exited NPOWER beneficiaries will have to submit a Business plan.

Below are the links to the websites where you can fill the Nexit Business Plan Form . The Nexit Business Plan Form is available For All States In Nigeria.

Note that the Federal Government (FG) has begun the training of 467,183 beneficiaries of exited N-Power batches on entrepreneurship.

After the training, beneficiaries of the scheme are to receive up to N3million loan to establish businesses of their own.

However, one of the requirements to get NEXIT CBN Entrepreneurial Loan is a business plan.

Eligibility for NEXIT CBN Entrepreneurial Loan

The N-Power batches eligible for NEXIT CBN loan are the beneficiaries who were exited last year after over two years to pave way for another set of beneficiaries of the National Social Investment Programme (NSIP) of the federal government.

Before we proceed to show you links (URL) to fill NEXIT loan business plan form, kindly note that the NEXIT business plan forms in the links below are being provided by training agency. Those who have not gotten the link to fill the Nexit business plan for m , should check below.

Link to fill Nexit business plan form for all States

Click on your state Nexit loan business plan form to start filling the form online.

FCT Abuja Nexit loan business plan form

Nassarawa Nexit loan business plan form

Sokoto Nexit loan business plan form

Zamfara Nexit loan business plan form

With these forms you can Create your Business Plan for the CBN Nexit Entrepreneurial Loan application.

Check back for Links for the remaining States on this page as we will continue to add them.

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NPower Rolls Out NEXIT Package, 200,000 Beneficiaries To Be Engaged As Financial Service Operators

The Federal Government’s NPower scheme has rolled out the exit packages (NEXIT) for all beneficiaries of the programme.

With the NEXIT plan package, at least 200,000 exited Npower beneficiaries will be engaged as financial services operators under a Shared Agent Network Expansion Facility (SANEF) scheme controlled by the Central Bank of Nigeria.

Among other things, the NEXIT programme is expected to create a platform for Nigerian owned financial services companies to grow whilst empowering and creating job opportunities for Nigerian youths.

Investors King gathered that over 30,000 Npower volunteers have already been engaged as geospatial experts and enumerators in the Economic Sustainability Plan’s Mass Agric programme such as Federal Ministry of Agriculture and Rural Development/Agriculture for Food and Job Plan (FMARD AFJP) and the Project for Agricultural Co-ordination and Executive (PACE), while other Npower volunteers be given the alternative of benefiting from the GEEP micro-enterprise loans.

Also, about 200,000 exited Npower volunteers will be enrolled on a programme known as the Shared Agent Network Expansion Facility (SANEF) while at least 30,000 Npower volunteers will be deployed for the Mass Agric programme, a component of the Economic Sustainability Plan (ESP), and other NPower volunteers will be given the opportunity to develop their entrepreneurial skills and start new businesses under a micro-enterprise scheme.

The SANEF programme is a Federal Government initiative operated by the Central Bank of Nigeria, Commercial Deposit Money Banks, Nigeria Inter-Bank Settlement Systems (NIBSS), Chattered Institute of Bankers of Nigeria, Licensed Mobile Money Operators, and Shared Agents with the primary aim and goal of accelerating financial inclusion and financial growth and development in Nigeria.

The SANEF, in partnership with the National Social Investment Programme (NSIP) will have 200,000 Npower graduates as its agents under the approved ‘SANEF licensed Super Agents’.

Recall that Investors King had earlier reported that the Federal government had, through its Ministry of Humanitarian Affairs, Disaster Management and Social Development which is handling the scheme, launched a portal for the 500,000 exited beneficiaries to apply for their exit packages.

The minister, Hajiya Sadiya Umar Farouq had encouraged the beneficiaries to exercise more patience and await the result of her efforts.

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Sport Business

Liverpool to splash £51 million on atalanta star ademola lookman.

Liverpool FC is reportedly preparing to make a £51 million bid for Atalanta’s standout winger, Ademola Lookman.

The Nigerian international, who has impressed during his tenure in Serie A, is seen as a prime target to bolster Liverpool’s attacking options ahead of the upcoming Premier League season.

Lookman, 26, originally hailing from Everton made the switch to Atalanta BC in 2022 for a fee of around £13 million. Since then, he has flourished in Italy.

Over the past two seasons, Lookman has been instrumental for La Dea, contributing 2 goals and 18 assists in 78 appearances.

His standout moment came in the Europa League final where Lookman netted a memorable hat-trick to secure a 3-0 victory over Bayer Leverkusen, further solidifying his reputation as a game-changer.

Lookman’s stellar form has not gone unnoticed, with Liverpool emerging as frontrunners in the race to secure his services.

The Reds are reportedly ready to meet Atalanta’s £51 million valuation, signaling their intent to strengthen their squad under new manager Arne Slot.

The move comes amidst speculation surrounding Liverpool’s current attacking lineup, with stars like Mohamed Salah and Luis Diaz linked with potential exits to the Saudi Pro League and La Liga, respectively.

Lookman is viewed as a strategic addition to provide depth and versatility to Liverpool’s attacking options, should they face departures in the upcoming transfer window.

While Liverpool faces competition from other Premier League giants like Manchester United and Chelsea, who are also monitoring Lookman’s situation, the Reds are determined to secure the Nigerian winger’s signature.

Atalanta, meanwhile, values Lookman highly but is reportedly open to negotiations, especially considering the interest in several of their key players this summer.

The club’s stance may also hinge on the future of midfielder Teun Koopmeiners, as they aim to maintain stability amidst potential departures.

Liverpool’s pursuit of Ademola Lookman signifies their proactive approach in the transfer market as they aim to strengthen their squad for the challenges ahead in both domestic and European competitions.

As negotiations progress, fans eagerly await developments that could see Lookman don the iconic red jersey at Anfield in the upcoming season.

Magnitude 7.0 Earthquake Strikes Near Central Peru Coast

A powerful earthquake measuring 7.0 on the Richter scale struck the area near the coast of central Peru at approximately 12:36 am local time, according to the United States Geological Survey (USGS).

The seismic event is part of a series of at least three tremors that occurred within a span of 10 minutes, all of which were felt in the capital city, Lima.

The most recent and strongest tremor was recorded eight kilometers west of Atiquipa.

The Pacific Tsunami Warning Center (PTWC) has issued a warning that tsunami waves ranging from one to three meters above the tide level could impact some coastal regions of Peru.

As of now, the Peruvian government has not reported any injuries or fatalities resulting from the earthquakes.

Emergency services and disaster response teams have been mobilized to assess the situation and provide aid where necessary.

Authorities are closely monitoring the affected areas for aftershocks and potential secondary hazards.

Residents of Lima and surrounding regions have reported significant shaking, prompting many to evacuate buildings and seek safety in open spaces.

Social media platforms are flooded with accounts of the tremors, with many expressing relief that there have been no immediate reports of casualties.

The National Institute of Civil Defense (INDECI) has urged residents in coastal areas to remain vigilant and follow any evacuation orders that may be issued in response to the tsunami threat.

Also, INDECI is coordinating with local governments to ensure that emergency shelters and resources are available for those in need.

Peru, situated on the seismically active Pacific Ring of Fire, is no stranger to earthquakes. The country has experienced several significant quakes in the past, leading to a robust disaster response infrastructure.

However, the frequency and intensity of recent seismic activity have underscored the ongoing need for preparedness and resilience.

In light of the earthquake, neighboring countries and international organizations have extended offers of assistance.

The global community remains attentive, ready to support Peru through this period of heightened seismic activity.

As the situation develops, authorities will continue to provide updates and safety instructions to the public.

The focus remains on ensuring the safety and well-being of residents, minimizing damage, and restoring normalcy as quickly as possible.

The tremors have served as a stark reminder of the unpredictable nature of natural disasters and the importance of continual preparedness and swift, coordinated response efforts.

North Israel Turns Into Ghost Towns Amid Hezbollah Missile Barrage

Once bustling with life, the northern regions of Israel have turned into ghost towns. Abandoned houses and scorched forests paint a grim picture, the result of relentless missile strikes from Hezbollah.

Meanwhile, southern Lebanon is experiencing a parallel devastation, with entire areas reduced to rubble by Israeli bombardments.

This escalating tit-for-tat conflict, which began in October alongside the Gaza war, is shifting into increasingly alarming territory.

A Steady Escalation

Hezbollah has launched a record number of projectiles this month — around 900 — hitting various targets in Israel.

The militant group’s leader claims overwhelming volunteer support for fighting Israel “without any rules, restraints, or ceiling.”

Israel, in response, has intensified its military operations in Lebanon, with deeper and more destructive strikes.

The Israeli northern military command has even approved a new battle plan for potential extended conflict.

Volatile Dynamics

While both Hezbollah and Israel publicly state they do not desire a full-scale war, concerns are mounting that one might be inevitable.

The potential for a broader conflict has drawn the attention of international diplomats.

Senior US and French officials have made urgent visits to Jerusalem and Beirut in an attempt to mediate and prevent further escalation.

Diplomatic Efforts

The current diplomatic plan hinges on Hezbollah moving its fighters back from the Israeli border.

Negotiations are starting with the aim of establishing a 10 km buffer zone, monitored by international forces and the Lebanese army.

However, Hezbollah ties its actions directly to the conflict in Gaza, indicating that border negotiations will only follow a ceasefire there.

The human impact of the conflict is immense. Tens of thousands have been displaced on both sides of the border.

In southern Lebanon, neighborhoods in villages like Aita Al-Shaab and Aytaroun have been leveled, exacerbating an already dire economic situation.

Lebanon is still reeling from a financial crisis that saw its currency collapse and led to the first-ever default on its Eurobonds.

Economic Impact

In Israel, the constant missile barrage threatens to overwhelm its lauded air defense systems and could cause severe economic repercussions.

The Israeli finance ministry predicts a potential drop in GDP growth from 1.9% to -1.5% if the conflict escalates, which could lead to a credit downgrade.

International Concerns

The international community is deeply concerned about the potential for a broader regional conflict.

United Nations Secretary-General Antonio Guterres has warned of the catastrophic consequences if the situation escalates further.

US President Joe Biden’s administration is also keen to avoid another Middle Eastern war, especially with elections approaching.

Future Uncertainty

Despite the diplomatic efforts, the situation remains volatile. Israel’s campaign against Hamas in Gaza is ongoing, making a simultaneous conflict with Hezbollah even more challenging.

The public in both Israel and Lebanon is weary of war, but the continuous cycle of attacks and retaliations makes peace seem elusive.

As summer progresses, the world watches anxiously, hoping that diplomatic channels will prevail over military might, and that the region will not plunge into another devastating war.

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NEXIT: Soft Loan Disbursement to Commence Soon as Business Plan submission ends

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NEXIT: Soft Loan Disbursement to Commence Soon as Business Plan submission ends –  Npower Batch A and B volunteers especially exited Npower trainees in Lagos should visit blinkplan.biz the template for preparing the business plan, exited Npower Batch A and B volunteers will observe that the columns have been completed as promised by the NEXIT training officers.

Recall, few weeks ago at the last day of the NEXIT soft loan training, the NEXIT training officials promised to assist Npower Batch A and B volunteers having difficulties in completing some columns in the business plan such as the financial plan, and other details, all the columns as we speak has been completed.

All things being equal exited Npower Batch A and B volunteers should start receiving their NEXIT soft loans by May, as promised by the NEXIT training officers, loan amount will be maximum of ₦3,000,000 and will be provided by the Central Bank of Nigeria in conjunction with NIRSAL Micro Finance Bank.

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Judges temporarily halt part of President Biden's student debt forgiveness plan

The Associated Press

President Biden speaks at an event about canceling student debt, at the Madison Area Technical College Truax campus, April 8, 2024, in Madison, Wis. Kayla Wolf/AP hide caption

TOPEKA, Kan. — Federal judges in Kansas and Missouri on Monday together blocked much of a Biden administration student loan repayment plan that provides a faster path to cancellation and lower monthly payments for millions of borrowers.

The judges’ rulings prevent the U.S. Department of Education from helping many of the intended borrowers ease their loan repayment burdens going forward under a rule set to go into effect July 1. The decisions do not cancel assistance already provided to borrowers.

In Kansas, U.S. District Judge Daniel Crabtree ruled in a lawsuit filed by the state’s attorney general, Kris Kobach, on behalf of his state and 10 others. In his ruling, Crabtree allowed parts of the program that allow students who borrowed $12,000 or less to have the rest of their loans forgiven if they make 10 years’ worth of payments, instead of the standard 25.

But Crabtree said that the Department of Education won’t be allowed to implement parts of the program meant to help students who had larger loans and could have their monthly payments lowered and their required payment period reduced from 25 years to 20 years.

In Missouri, U.S. District Judge John Ross’ order applies to different parts of the program than Crabtree’s. His order says that the U.S. Department of Education cannot forgive loan balances going forward. He said the department still could lower monthly payments.

3 things you need to know about student loans this summer

Ross issued a ruling in a lawsuit filed by Missouri Attorney General Andrew Bailey on behalf of his state and six others.

Together, the two rulings, each by a judge appointed by former President Barack Obama, a Democrat, appeared to greatly limit the scope of the Biden administration’s efforts to help borrowers after the U.S. Supreme Court last year rejected the Democratic president’s first attempt at a forgiveness plan. Both judges said Education Secretary Miguel Cardona exceeded the authority granted by Congress in laws dealing with students loans.

Bailey and Kobach each hailed the decision from their state's judge as a major legal victory against the Biden administration and argue, as many Republicans do, that forgiving some students' loans shifts the cost of repaying them to taxpayers.

“Only Congress has the power of the purse, not the President,” Bailey said in a statement. "Today’s ruling was a huge win for the rule of law, and for every American who Joe Biden was about to force to pay off someone else’s debt.”

The White House said it strongly disagrees with the judges’ rulings and would continue to defend the program, and use every available tool to give relief to students and borrowers.

In a statement, White House press secretary Karine Jean-Pierre said the Biden administration “will never stop fighting for students and borrowers — no matter how many roadblocks Republican elected officials and special interests put in our way.”

In a statement posted on the social media platform X, leaders of the Student Borrower Protection Center, which advocates for eliminating student debt, called the decisions “partisan lawfare” and “a recipe for chaos across the student loan system.”

“Millions of borrowers are now in limbo as they struggle to make sense of their rights under the law and the information being provided by the government and their student loan companies,” said the group’s executive director, Mike Pierce.

In both lawsuits, the suing states sought to invalidate the entire program, which the Biden administration first made available to borrowers in July 2023, and at least 150,000 have had their loans canceled. But the judges noted that the lawsuits weren't filed until late March in Kansas and early April in Missouri.

“So the court doesn’t see how plaintiffs can complain of irreparable harm from them,” Crabtree wrote in his opinion.

Both orders are preliminary, meaning the injunctions imposed by the judges would remain in effect through a trial of the separate lawsuits. However, to issue a temporary order each judge had to conclude that the states were likely to prevail in a trial.

Kobach framed the Biden plan as “unconstitutional” and an affront to “blue collar Kansas workers who didn’t go to college."

There was some irony in Crabtree's decision: Kansas is no longer a party to the lawsuit Kobach filed. Earlier this month, Crabtree ruled that Kansas and seven other states in the lawsuit — Alabama, Idaho, Iowa, Lousiana, Montana, Nebraska and Utah — couldn't show that they'd been harmed by the new program and dismissed them as plaintiffs.

That left Alaska, South Carolina and Texas, and Crabtree said they could sue because each has a state agency that services student loans.

But Crabtree said that lowering monthly payments and shortening the period of required payments to earn loan forgiveness “overreach any generosity Congress has authorized before.”

In the Missouri ruling, Ross said repayment schedules and “are well within the wheelhouse” of the department but the “plain text” of U.S. law doesn’t give it authority to forgive loans before 25 years of payments.

Missouri also has an agency that services student loans. The other states in its lawsuit are Arkansas, Florida, Georgia, North Dakota, Ohio and Oklahoma.

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Parts of Biden's income-based repayment plan SAVE stalls on legal snag

Borrowers should continue to enroll, education department said.

Borrowers who were set to see student loan repayments halved on July 1st will have to wait longer. ( iStock )

President Joe Biden's income-driven repayment plan hit a legal snag this week after two federal judges blocked parts of it that were set to take effect next week. 

The Biden Administration introduced the Saving on a Valuable Education (SAVE) plan after the Supreme Court struck down Biden's student loan forgiveness plan . The White House said that the SAVE plan could lower borrowers' monthly payments to zero dollars, reduce monthly costs in half and save those who make payments at least $1,000 yearly. Additionally, borrowers with an original balance of $12,000 or less will receive forgiveness of any remaining balance after making 10 years of payments. The plan now has more than 8 million enrollees .

Some of the provisions under SAVE– mainly cutting the payments on the loans to 5% of discretionary income from 10% that was set to take effect on July 1st and any new debt cancellations through the program – are now stalled as a result of the court-ordered block.  

In Kansas, Judge Michael Crabtree ruled that the Department of Education can only enact the full scope of the SAVE program if Congress explicitly authorizes that portion of the program, according to a report by The Hill . In Missouri, Judge John Ross ruled that the Department of Education cannot forgive any loans under SAVE, finding that forgiving federal loans illegally deprives state loan operators of revenue.

Missouri Attorney General Andrew Bailey, representing one of the seven states that brought the lawsuit, said in a statement that the plan saddled "working Missourians with Ivy League debt."

"Only Congress has the power of the purse, not the President," Bailey said in a statement. "Today's ruling was a huge win for the rule of law, and for every American who Joe Biden was about to force to pay off someone else's debt."

Private student loan borrowers can't benefit from federal loan relief. But you could lower your monthly payments by refinancing to a lower interest rate. Visit Credible to speak with an expert and get your questions answered. 

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Department of Education will keep enrolling borrowers

The White House said in a statement that the Department of Education will continue to enroll more Americans in SAVE. Students and borrowers can still access the plan's remaining benefits, including $0 payments for anyone making $16 an hour or less, lower monthly payments for millions more borrowers, and protection from runaway interest if they are making their monthly payments. 

The SAVE plan has allowed 8 million Americans access to lower monthly payments – including more than 4 million borrowers who owe no payments; and has already helped hundreds of thousands of borrowers get their remaining debt canceled more quickly, U.S. Secretary of Education Miguel Cardona said in a statement .

"The Biden-Harris Administration's SAVE Plan is the most affordable repayment plan in history," Cardona said. "We designed SAVE to cut undergraduate loan payments in half, avoid interest growth for borrowers making zero-dollar or low payments, and allow at-risk borrowers to reach forgiveness faster. Under SAVE, nearly 8 million Americans—one out of five borrowers—have breathing room from bills that, too often, compete with basic needs." 

"But Republican elected officials and special interests sued to block their own constituents from being able to benefit from this plan – even though the Department has relied on the authority under the Higher Education Act three times over the last 30 years to implement income-driven repayment plans," Cardona continued.

If you're having trouble making payments on your private student loans, you won't benefit from federal relief. However, you could consider refinancing your loans for a lower interest rate to lower your monthly payments. Visit Credible to get your personalized rate in minutes.

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Borrowers struggling to make payments

Only 33% of student loan holders have been making regular payments since they started up again in October – and about half are looking to use an income-driven repayment plan or are seeking outright forgiveness, according to a Civic Science survey.

Roughly 58% of student loan holders said that they are at least "somewhat" or "very" concerned about paying their student loans, and more than 60% of borrowers said their student loan debt is impacting their ability to save for retirement. This concern pushes many borrowers to seek ways to suspend loan repayment, even if it means that interest will continue to build on the debt.

"New data reveal a plurality of loan holders have deferred their loans, but 14% report they have one or more loans currently in forbearance, meaning having received a temporary pause on repayment for up to 12 months, while 14% say it's likely they will apply for forbearance," the survey said. "Perhaps more concerning, 9% of borrowers have defaulted on their loans, and 6% expect they will go into default. If repayments continue as they have been, the majority of student loan holders will experience forbearance, deferment, or default at some point." 

If you hold private student loans, you could lower your monthly payments by refinancing to a lower interest rate. Visit Credible to speak with an expert and get your questions answered.

HIGH HOMEOWNERS INSURANCE RATES SCARING AWAY FLORIDA HOMEBUYERS, OTHER STATES FACE THE SAME ISSUE

Have a finance-related question, but don't know who to ask?  Email The Credible Money Expert at  [email protected] and your question might be answered by Credible in our Money Expert column.

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Student Loan Payments Paused for 3 Million in SAVE Program

The Education Department said it would put the borrowers in forbearance while it recalculated their payments to comply with recent court rulings.

By Tara Siegel Bernard

Roughly three million borrowers with federal student loans will see their monthly payments paused in the coming days, as the Biden administration tries to recalculate their bills to comply with a federal court order in Kansas.

The recalculations are necessary because key parts of President Biden’s new student loan repayment program, SAVE, were temporarily blocked by two federal judges on Monday , just a week before many borrowers’ payments were scheduled to be reduced by as much as half.

The judges, in Kansas and Missouri, issued separate preliminary injunctions this week, leaving the SAVE plan’s eight million enrollees in limbo until lawsuits, filed in the spring by two groups of Republican-led states seeking to topple the program, are resolved. The Justice Department recently filed a request on behalf of the Education Department to stop the Kansas injunction.

“If the injunction takes effect,” the filing said, “it will inflict irreparable harm on the federal government in the form of unrecoverable disruption costs and create extraordinary confusion and chaos for borrowers.”

The injunctions affect enrollees in SAVE, which bases their payment amount on their income and household size, in two ways. The Kansas order suspended parts of the program that were not already in place, including a big drop in monthly payments for people with undergraduate debt — to 5 percent of their discretionary income from 10 percent — which was to take effect this Monday. The judge in Missouri blocked any new debt cancellation achieved through the SAVE program, though legal experts say it wasn’t entirely clear how widely that provision should be interpreted.

Now, about three million borrowers who have monthly payments in SAVE will be placed in forbearance, putting their bills on hold.

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NEXIT Loan Training Update: A viable NEXIT Loan Business Plan, the key to qualifying for NEXIT Loan Disbursement

It is now evident that the NEXIT Loan is competitive and will not be thesame amount for all the successful beneficiaries who participate in NEXIT Loan Training.

The NEXIT/CBN AGSMEIS Loan just like  AGSMEIS Loan  - an initiative of the Central Bank of Nigeria to support the Federal Government's efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation, has guidelines and conditions which must be met and Assessments which are inevitable.

Related:  NEXIT Loan Training: Loan up to N3million, 7years Loan Term awaits exited Npower beneficiaries if they meet conditions - Farouk

The only difference between the AGSMEIS Loan and the NEXIT Loan (NEXIT/CBN AGSMEIS Loan) is the starting point (Application) but all go through the process of Entrepreneurship Development Training dubbed NEXIT Loan Training as in case of the exited Npower beneficiaries.

A key factor used in qualifying or disqualifying an applicant of AGSMEIS Loan which will be used for the NEXIT Loan (NEXIT/CBN AGSMEIS Loan) is Bussiness Plan.

The Central Bank of Nigeria requests that only a bankable business with clear plan, viable and ROI oriented should be financed, so as such, there is high possibility of loan repayment.

CBN will not issue loan to vague business where there will be stories in paying back the loan. Hence, there should be about 95% chances of a business surviving in its plan before remarked as acceptable or fundable.

The Entrepreneurship Development Training Institutes being used for the NEXIT Loan Training already have the Frame work of the AGSMEIS Loan Scheme, and have released a concise and approved Business Plan guide which is downloadable here https://gconsultingisl.com/wp-content/uploads/2022/03/N-Power-Business-Plan.pdf

NEXIT Loan (NEXIT/CBN AGSMEIS Loan) Business Plan

The NEXIT Loan Business Plan has 10 Parts, namely:

However, the focal point used for disqualification relies on the Financial Information in Nos 3,4,5,6; Managerial Plan and Competitive Analysis.

Related:  NYIF Loan: Financial Information, the bait for disqualification

While other parts are used in the assessment, a beneficiary who wish to succeed and secure higher NEXIT loan amount, should have a professional outlook on how to effectively sow the capital as in Nos, 3,4,5,6, Manage the business as in No 8, understand who your competitors are as in No 7, chances of breaking through in the business of choice or what may be a challenge and your counter plans as in No 10.

An advice worthy of note is, as a beneficiary who is eager to secure the NEXIT Loan after the compulsory NEXIT Loan Training, if you have a business plan already, update your business plan with current prices of items and services through a new feasibility study. This is because prices of things kept changing recently. Ensure acurracy and organise it concisely as in the NEXIT Loan Business Plan module.

Also, if as a beneficiaries you don't have an existing business plan, endeavour to seek a professional assistance in drafting a business plan that suits your choice of business, even if it's not free.

Is CAC Certificate compulsory in accessing the NEXIT Loan?

Having a business registered with the Corporate Affairs Commission offers chances of securing higher loan amounts for your businesses. A good business plan with CAC and TIN can comfortably secure between N1million to N3million loan amounts.

However, in the case of the NEXIT Loan, a soft landing which may make the CAC Certificate non-compulsory, would mean lower funding for the business as business registration ensures easy identification and reliability of a business to be funded.

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Template To Help You Write Business Plan For NYIF, Nexit Loan And Others

Writing a business plan can be intimidating especially to people who have not written a business plan before. You don't have to be intimidated while writing your business plan. Just keep it short and make sure you know your audience.

Whether you are building a business plan to apply for Nigeria Youth Investment fund NYIF or to apply for Nexit CBN entrepreneurship loan and other loans to grow your business or just need to figure out if your idea will work, every business plan needs to cover 6 essential topics listed below:

• Executive Summary
• Opportunity
• Company and management Summary
• Financial plan

Follow the template below to write a simple business plan:

1.) BUSINESS IDEA: What is your big idea? Is it a product or a service? What makes your idea different? How will your products/services stand out from the competition? Why will people want to buy your product?

READ ALSO: Link To Upload NYIF Loan Business Plan

2.) BUSINESS NAME: What does the name say about your business? Is it unique? Memorable? Easy to pronounce?

3.) TARGET MARKET AND DEMOGRAPIHNCS: Who will your customers be? Other Kids? Teenagers? Men? Women? Where do they live? What is your target market passionate about?

4.) MARKETING: How well you get the word out about your business? Online? Posters? Through the Newspaper? By Email? Where will you sell your products or services?

5.) PRICING: How much will you charge? What are your competitors charging?

6.) PROFIT: How much will you make on each sale after you subtract your expenses? Profit-income-Expenses? The sale price of the item, cost of the item, Profit? What will you do with the money you make? Reinvest in the business?

READ ALSO: Category Of Nexit Applicants To Likely Get High CBN Loan

Simply follow the steps above to write your business plan if you can not afford to pay an expert to write it for you. Remember you can also use online business plan platforms to write your plan.

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Meet the Gen Xers and boomers retiring with 6 figures of student debt that threatens their Social Security and savings

• BI spoke to Gen X and boomer student-loan borrowers nearing retirement with six figures in debt.
• The student loans have prevented each of them from saving sufficiently for retirement.
• It's part of a larger retirement crisis and could put Social Security benefits at risk.

Diane Shelton, 58, has been working as a clinical psychologist for over 25 years — but her student loans are still in the six figures .

Shelton's debt load is something of a double-edged sword.

"There's just no doubt the value of the education and the value and the intrinsic richness that I have from the work that I've done," she said. But that's coupled with a heavy loan burden, complicated bureaucracy, and the interest it's accruing.

"I've taken forbearances at times when I really couldn't afford my mortgage. I had to pick and choose," she said. Even now, with a stable and well-paying career, her debt is still impacting her economic trajectory.

The situation is a bit different for Larry, 75, who requested his last name be withheld for privacy. He's staring down a $208,000 balance that he took out in the late 1990s to help his kids go to school. While they took out federal student loans for themselves, Larry wanted to ensure their options weren't limited. So he took out parent PLUS loans — a type of federal loan that allows a parent to cover up to the full cost of attendance for their kid's education. It has the highest interest rate of all federal loans.

Larry consolidated the four PLUS loans in 2007 with an original principal of nearly $160,000, but due to periods of unemployment, his loans went on forbearance, during which interest grew and surged the balance. Now, Larry is working full-time in retail sales, and while he hopes to retire in a few years, he knows he'll be taking his six-figure student-debt load with him.

"We have savings, which is probably about a 10th of what it should be," Larry said. "This is just hanging over our heads mentally. I think it affects me a lot because I probably think about it every day because I can't help but think about it. It's really very frustrating, very embarrassing, and just not fair."

Related stories

Shelton and Larry aren't alone: As Gen Xers and boomers age into retirement, they're bringing student loans with them. It's part of a looming retirement crisis that could put even more seniors in a financially precarious position — and potentially without full Social Security benefits to back them up.

"I'm making a decent salary now, but there's all of this price that I've paid in terms of not being able to save for retirement," Shelton said.

The retirement student debt crisis

Both Shelton and Larry are facing a particular aspect of the retirement crisis: hoping to throw in the towel while sitting on mountains of student loan debt . Over a million American ages 55 to 64 are either holding student loans or have spouses holding loans, according to a report from the New School's Schwartz Center for Economic Policy Analysis . Those loan holders said that, on average, they expect to take 11 years to repay their debts — but it can oftentimes end up being much longer due to interest and financial hardship.

Among Americans holding student loan debt, Gen Xers and boomers have the highest median balance, although only a small percentage of those 55-64 — around 13% — and those 65-74 — around 5% — hold educational installment loans.

Just the other day, Shelton was checking what her Social Security check would look like at different retirement ages, since the program incentivizes waiting to collect checks.

"If I work until I'm 70, that's where I've got the most amount. But that's still going to be tight when a quarter of that is a student loan payment," Shelton said. "It stresses me to no end."

Interest is a key reason many older adults find themselves struggling to pay off their student loans for decades. Since Larry could not afford to make payments for a period of time due to financial hardship, the 6.25% interest rate caused his balance to grow larger than what he originally borrowed. It's an issue other PLUS borrowers have previously told BI — while they took out loans to give their children the best shot at a successful future, they didn't know at the time that doing so would leave them with balances they could not afford to pay off.

"We surely would've saved more than what we tried to do," Larry said. "And because of those payments, we pretty much have not saved a lot, other than my wife's retirement fund."

And while many older Americans rely on Social Security to get by in their later years, it's a benefit that's particularly imperiled for student loan borrowers. That's because if the borrower defaults on their payments, the government has the power to seize Social Security benefits and wages until the borrower can fulfill their student-loan obligations again. It's a practice some Democratic lawmakers, including Sen. Elizabeth Warren, have called to end .

"The idea of just not paying it — well, now I understand they can garnish your Social Security, and so it just feels like there's no way out," Shelton said. "And so I'm probably going to work until I can't work anymore."

Are you worried about student loan debt impacting your ability to retire? Contact these reporters at [email protected] and [email protected] .

Watch: Supreme Court strikes down Biden's student-debt relief plan

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10 Business That Need Business Plan For CBN Nexit Loan

Today, we’ll talk about different types of businesses and how to prepare a strategy for a Nexit CBN loan. So, without further ado, let’s get right to the topic.

A business plan is required for all Nexit applicants, whether they have an existing firm or are planning to start one. You can use these guidelines to choose a company type and prepare a business plan to apply for a CBN Nexit entrepreneurship loan for Npower beneficiaries who have left the program.

Business Types

• Poultry farming
• Hair and Salon
• Fashion Designing
• Fish Farming
• Food restaurant
• Dry Cleaning
• Block Making
• Building Materials Business
• Delivery service business
• Transportation Business

If you’re running or planning to start one of the businesses listed above and haven’t produced a business plan yet, check out our earlier post on how to write a business plan.

To apply for a CBN Nexit loan, you’ll need a business plan. The loan from the CBN A written document that details in depth an overview of your firm or startup, how you define its aims, and how you plan to achieve its goals will be required by the lender.

You must create a business plan, which is a documented blueprint for your company’s marketing, financial, and operational goals. As a result, Nexit applicants who have completed or are planning to complete the second round of training must develop a Npower business plan.

It’s worth noting that you can use the web builder to create a business plan for free.

This information was first published on  nyscinfo.com .  DMCA PROTECTED .

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