Nigeria Student Loan: Requirements, Procedure and How to Apply

 Congratulations to Nigerian students as Senate Passes the Student Loan Bill. The Nigeria Student Loan will enable Nigerian students to have access to interest-free loans.

With the establishment of an education bank, tertiary institutions owned by the Federal Government may now be at liberty to introduce tuition fees, experts in the higher education sector have argued.

Requirements

According to the Nigeria student loan bill which has now been signed into law, students applying for loans under this Act must apply to the Chairman of the Bank through their respective institutions upon satisfying of the following conditions:

i. Student must have secured admission into any public Nigerian University, Polytechnic, college of education or any TVET school; Applicant income or family income must be less than ₦‎500,000 per annum; Applicant 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.

ii. Students who have defaulted on previous loans; found guilty of exam malpractice, felony, or drug offences will not be considered.

iii. Students with parents who have defaulted in respect of previous loans will not be considered.

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Following the satisfaction of the conditions listed above, applications for the loans will be submitted 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.

How To Apply For Nigeria Student Loan

The federal government of Nigeria is in the process of rolling out the Nigeria Student Loan application processes. However, Nigerian students who wish to apply must possess the following;

Proof of Identity of the student (National ID, Driver’s license, International Passport or Voters card).

Proof of residence of the student.

Proof of enrolment/registration or Acceptance from an educational institution.

Proof of final academic results for the previous year.

Proof of the institution’s tuition fee.

Also, interested students must meet the following criteria;

Must be 18 years and above.

Must have valid Identification (ID).

Must meet the criteria of your school qualifications and requirements.