Nigerian Student Loan | How to Apply, Eligibility and Requirements

Nigerian Student Loan | How to Apply Eligibility and Requirements

This is Nigerian Student Loan 2023/2024 Information from School Campus team. Check How to Apply, Eligibility and Requirements.

Are you a Nigerian student and studying in any of the Nigerian Federal Institutions? There’s a good news for you. The Federal Government of Nigeria has introduced an interest free loan options for Nigerian students. This Nigerian student loan was recently introduced and signed into law taking effect from 12th of June, 2023. So on this article, you will see steps on how to apply for the student loan, the requirements and also know whether you are eligible for the loan or not.

Nigerian Student Loan 2023 – Eligibility, Requirements and How to Apply

Nigerian Federal Government’s student loan is available to all Nigerian students studying in any of the Federal institutions in Nigeria. The FG student loan option will aid students who may have challenges in paying their school fees. Nigerian students with tuition fee challenges can now get interest-free loans from the Federal Government. This came after the establishment of an Education Bank in Nigeria by the Federal Ministry of Education to improve learning in Nigerian institutions.

Nigerian Student Loan Eligibility

To be eligible for the Nigerian student loan, you must have secured admission into any Public or Federal Nigerian University, Polytechnic, College of Education or any TVET school.

Nigerian Student Loan Requirements

  • Applicants for the Nigerian student loan are required to submit their income or family income details. The net income must be less than N500,000 per annum.
  • Applicants must provide at least two civil servants as guarantors: of not less than level 12 years in service; or a Lawyer with at least 10 years post-call experience; a Judicial officer; or a Justice of Peace.

How to Apply for Nigerian Student Loan

According to the Nigerian student loan bill, students applying for loans under this Act, must apply to the Chairman of the Education Bank through their respective institutions upon meeting the above mentioned requirements.

Applications for the loans will then be submitted to the Education Bank through the Students Affairs Office of each institution via a list of all qualified applicants from the institution accompanied by a cover letter signed by the Vice-Chancellor or Rector or the head of the institution and the Student Affairs.

Note: Students who have defaulted on previous loans; found guilty of exam malpractice, felony, or drug offences will not be considered. Students with parents who have defaulted in respect of previous loans will not be considered as well.

Nigerian Student Loan Repayment

On the repayment, the act states that:

  • Any beneficiary of the loan to which this Act refers shall commence repayment two years after completion of the National Youth Service Corps programme. Repayment shall be by direct deduction of 10 per cent of the beneficiary’s salary at source by the employer.
  • Where the beneficiary is self-employed, he shall remit 10 per cent of his total profit monthly to the student loan account to be prescribed by the bank.
  • For the purpose of sub-section 3 above, a self-employed person shall, within 60 days of assuming that status, submit all information such as the name of business, address and location, registration documents, registered, name of bankers, names of partners, name of directors and shareholders to the Commission.
  • Anyone in default of the provisions of sub-section 4 above or found to be aiding the default of any of the provisions of this Act is guilty of an offence and, if convicted, shall be liable to imprisonment for two years or a fine of N500,000 or both.

Search for your campus on this blog to see the procedures your institution may deploy in applying for the student loan.

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About the author

Welcome to School Campus News Page curated by our dedicated author, Edidiong Michael. With passion for quality and stress-free Education, the Nigerian Education PR expert, Edidiong Michael brings his wealth of expertise within a decade (10 Years) of information sharing across various Tertiary Campuses in Nigeria.