How to Apply for Student Loan in Nigeria – Are you a student? Do you wish to get a loan to be able to complete your education? Then this article is for you. This article covers everything you need to know about getting a student loan.
Federal Government Student Loan in Nigeria
Of course, student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations.
Loans made by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources.
Earlier this year, the Federal Government of Nigeria approved a bill seeking to provide for the establishment of the National Student Financial Aid Scheme.
The bill was sponsored by Senator Umar Sulieman (APC, Kwara North), and seeks to provide a realistic framework for the success of education financing.
Suleiman, in his lead debate on the principles of the bill, said the same provides for the management, governance, and administration of the scheme.
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According to him, the National Student Financial Aid Scheme, upon its establishment, would grant interest-free loans and bursaries to eligible students at higher Institutions.
Without any doubt, the bill will definitely scale through the third reading.
This post is a preparatory guide once the bill is assent and the loan application portal is opened and is made available for students of Federal, state, and private universities in Nigeria.
First and foremost, it would be wise for you to consider the merit and the demerits of this loan before collecting.
Since education has become a necessity in the world we are right now, people find it ideal to move with the trend and go to school to acquire knowledge. However, funding the school fees can be quite difficult for a lot of people especially people who are in private higher institutions which are obviously and usually more expensive that the regular government owned higher institutions. For this reason, student loan was put together to assist people who might find it difficult paying for their school fee.
Four bodies that offer student loans in Nigeria
Access bank student loan
- An application form (completed)
- Your admission letter to your school
- Your BVN
- Tuition advice
- A letter of domiciliation of your parent’s or sponsor’s salary account
(It is important that you know how to create paystub for your student loan application)
- You parents valid identification
- Credit checks
GT bank student loan
- A completed form and undertaking employer form
- Your school fees bill and credit insurance
- Staff terminal benefit
First bank first edu loan
- Your school must be populated with more than 100 students
- You have access to a maximum amount of 10 million naira
- Your school must have been in account relationship with first bank for 6 months or 12 months with any other bank
Federal government education loan
When will Federal Government start Giving Loans to students in Nigeria?
The Federal Government of Nigeria has announced the latest date for the commencement of student loan in Nigeria.
This means that the student loan application portal will be open for interested students schooling in Nigeria or abroad to apply.
The loan can help you to pay your school fees, pay for accommodation and can even help you study abroad.
How to Apply For Student Loan in Nigeria
- Go to Federal Government Of Nigeria Student loan Portal via https://www.cbn.gov.ng/.
- Obtain the student loan form Via the FG loan Portal.
- Click on the student loan publication therein.
- Follow the instructions provided on the portal to successfully apply and register for the Nigerian Government student loan.
- Print out your student loan application slip afterward.
- Finally, wait for validation and approval.
Requirements for Student Loan in Nigeria
- For a start, you must have reached the age of 18 to be eligible for FG student loan.
- One recent clear passport photograph of signatory
- A valid School Identity Card
- Admission Letter
- National Identification Number Card/NIN
- Details of Parents/Guardian