Student Loan in Nigeria Application Form Portal and Eligibility criteria – Be informed that the president Bola Ahmed Tinubu has signed student loan into law for all tertiary institution students to apply for the Nigerian Student loan.
For you to secure this student loan, you must meet up with the required document or be eligible for the loan. THE MOST IMPORTANT AND MUST REQUIREMENT IS THAT YOU MUST BE A STUDENT.
Student loan in Nigeria Requirement
- Means of Identification such as National identity card or International Passport, etc.
- Proof of Admission from an accredited institution in Nigeria
- Transcripts or academic certificates – if required
- Proof of income (e.g. parent’s or guardian’s income bank statements)
- Contact details and personal information of the guarantor(s)
- Recent passport-sized photographs
- Completed application form(s) provided by the loan provider
- Any additional documentation specified by the loan provider (e.g..reference letters, essay, letter of recommendation)
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Follow the guideline below:
1. Research and understand different loan options.
2. Determine your eligibility.
3. Gather the required documentation.
4. Go to your bank to request for the student loan application form.
5. Fill out the form.
6. Submit the form to your bank.
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Who is eligible to apply for Nigeria’s student loan?
Every Nigerian student seeking admission to an institution of higher learning, provided they meet certain criteria. The bill states that there will be no discrimination based on gender, religion, tribe, position or disability of any kind.
Criteria include:
- You must of have secured admission into a federal or state university, polytechnic, college of education or vocational school.
- Your income or your family’s income must be less than ₦500,000 ($1,000) per annum or ₦42,000 ($88) per month.
- You must provide two guarantors that are either:
- A civil servant of at least level 12. Since bachelor’s holders typically start Nigerian civil service at Grade 8 or 9, this would put the guarantor at a mid-level position.
- A lawyer with, at least, 10 years of post-call experience
- Judicial officer
- Justice of peace.
How to apply for the loan?
Applicants would have to submit the applications through their respective banks to the chairman of the Committee tasked with disbursing the student loan fund. We’ll provide more details on how to apply soon.
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How will the loan be repaid?
Beneficiaries of Nigeria’s student loan will commence repayment two years after completion of the National Youth Service Corp (NYSC) programme.
Your employer will deduct 10% of your salary at source and remit it to the Student Loan Fund. If you change jobs, you have to communicate that within 30 days of resuming the new job
The Permanent Secretary avowed that aside from the creation of a specialized bank for the operation of the loans, there would be a tracking system for the efficient and smooth running of the scheme.
He said the purpose of the loan is to help applicants get into an education programme and subsequently get employed.
Loan recovery, he stressed, does not start until the applicant is employed.
“We don’t want to make it so that only people who want to go to public schools will benefit from it; private schools are paying tuition, so you have to give them the opportunity,” he added.
