Do you want to apply for a student loan in Nigeria? If yes, then read this post to the end. To assist Nigerian students with the costs of tertiary education, the Federal Government Student Loan program has been established. This comprehensive guide will walk you through the application process for this financial aid.
Applying For Student Loan In Nigeria
To qualify for this loan, applicants must satisfy specific criteria:
The annual income of your family should not exceed N500,000.
Guarantors required are two civil servants with at least 12 years of service, or a Lawyer with a minimum of 10 years post-call experience, a Judicial officer, or a Justice of Peace.
Applicants must not have any history of defaulting on loans, involvement in examination malpractice, felony, or drug offenses. This also applies to their parents.
Steps to Apply for the Federal Government Student Loan
Documents Required For Student Loan Application in Nigeria
- The application form.
- Admission letter and JAMB result slip.
- WAEC/NECO certificates.
- Birth certificate and passport photograph.
- Guarantor’s support letters and employment letters.
- Passport photographs of guarantors.
- Application Submission
Present the filled application and documents to your institution's Student Affairs Office.
Applicant Process For Student Loan in Nigeria
Your application will be evaluated and recommended by the Student Affairs Office to the Central Bank of Nigeria (CBN).
CBN's Decision: The CBN assesses the recommendation and makes a decision on the loan application.
Receiving the Loan: Upon approval, the loan is paid to your institution, which then disburses it to you.
Steps To Apply For Student Loan in Nigeria
Navigate to the Central Bank of Nigeria's website to download and fill the application form.
Attach all required documents to the form before submission.
The loan must be repaid within 10 years of completing your studies as there are legal penalties for defaulting include imprisonment up to two years, a fine of N500,000, or both.
Banks in Nigeria That Offer Student Loans
Below are some banks that you can get a student loan from:
First Bank FirstEdu Loan
Designed for proprietors, offering up to ₦10 million.
Requires school fee domiciliation with First Bank and a minimum school population of 100 students.
Access Bank Student Loan
Covers tuition fees up to ₦5 million.
Refinancing options for flexibility.
Requires admission letter, salary account domiciliation, and BVN among other documents.
GTBank Student Loan
Offers up to ₦5 million for school fees in Nigeria.
Requires school fee bill, credit insurance, and employer undertaking form.
Following these guidelines carefully will facilitate a successful application for the Federal Government Student Loan in Nigeria. It’s crucial to comply with all stipulated requirements and responsibilities throughout the application process for a favorable outcome in securing the needed financial support for your educational pursuits.
If you have any questions or suggestions, drop them in the comments section.