Nigerian Student Loan 2023/2024 | Apply Now

Nigerian Student Loan | Are you aware that you can grab a student loan? With just an application, the current administration has approved tertiary education loan for low income Nigerian student, for more details on application read further.

Nigerian Student Loan

About the Nigerian Student Loan

The Challenges most Nigerians Student from low income family faced is access to education fund that’s the major reasons for school dropout since the available scholarship does not go round.

However, to correct the anomalies the Student Loan Bill was enacted by President Bola Tinubu. Honourable Femi Gbajabiamila, and the outgoing speaker of the House of Representatives, introduced the bill that will give Nigerian students access to interest-free loans.

Higher education experts claim that the establishment of an education bank may now permit federally supported tertiary schools to adopt tuition fees.

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Requirement for Obtaining Student Loans for Nigerians

The itemized requirement must be met to obtained the loan; They are:

  1. The applicant must provide a minimum of two guarantors who must be civil servants with at least 12 years of level 12 service, lawyers with at least 10 years of post-call experience, judicial officers, or justices of the peace. The applicant must have been admitted to a public university, polytechnic, college of education, or TVET program in Nigeria.
  2. Students who have defaulted on earlier loans, been found guilty of a felony, or used drugs won’t be taken into account.
  3. Students whose parents have defaulted on prior loans will not be taken into consideration.
  4. Applications for the loans will be submitted through the Student Affairs Office of each institution once the aforementioned requirements have been met. The applications will include a list of all qualified applicants from the institution, a cover letter signed by the Vice-Chancellor, Rector, or other head of the institution, and the Student Affairs.
  5. The act specifies that “Any beneficiary of the loan to which this Act refers shall commence repayment two years after completion of the National Youth Service Corps program.” 10% of the beneficiary’s salary will be directly withheld from his or her paycheck as repayment by the employer.
  6. When the beneficiary is self-employed, he must deposit 10% of his monthly gross income into the student loan account that the bank will provide.
  7. “A self-employed person shall submit to the Commission, for the purposes of sub-section 3 above, all information, including the name of the business, address and location, registration documents, registered, name of bankers, names of partners, names of directors, and names of shareholders, within 60 days of assuming that status.
  8. “Anyone found to be 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.”

Nigerian Student Loan money package

The Stipulated amount of money (cash) to be released for student is not particularly stated by Federal Ministry of Eduction but it will depends on the programmes(Course) of study as it will cover tuition, books and etc.

How to Apply for Nigerian Student Loan

The application process will be done via the Portal as only duly qualified applicant will be eligible for the application. The Portal is yet to open and will work with your Institution Students affairs office for approval.

Latest on Nigerian Student Loan

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Why Applying for Nigerian Student Loan

Are you academically sound and wish to study in tertiary institution yet no sponsorship and you’ve secured admission? This loan is meant for you, so don’t hesitate to take advantage as you may be shortlisted.

WISH YOU SUCCESS

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