How to apply for a student loan in Nigeria
The federal government has now introduced a loan plan for the student to get loans to help them pay for their tuition fees. This loan plan is a financial assistance program that was introduced to assist Nigerian students in paying for their tuition fees and some other academic expenses.
With this latest innovation, It’s now easier for Nigerian students to apply for student loans in Nigeria. This means that you can get assistance from the government in paying your tuition fees for the specific time you spend in higher institutions.
So you see, the ball is now in your court to go to the university. If you are interested in going to higher institutions, then this student loan in Nigeria will help you.
If you are worried about how to get money to help you sponsor yourself in the university, then this post will guide you on how to apply for a student loan in Nigeria.
This loan is available to all Nigerian students across the country, you see you have a 100% chance of getting it. You must be admitted to any public Nigerian university, Polytechnic or college of education.
This scholarship covers most of your tuition fees and other living expenses. So if you are interested below are the criteria you must meet to get this scholarship.
Introduction
The new student loan bill was signed by the new president of Nigeria, his excellency Bola Ahmed Tinubu on the 12th of June, 2023. That’s the nation’s democracy day, his excellency signed this bill to show his commitment to the development of education in Nigeria.
This shows how passionate he is to ensuring that every young Nigerian citizens get quality education. This student loan will helped relieve the burden off the shoulder of some parents and students taking the responsibility of paying their fees.
The Nigerian student loan is aimed at helping student go to schools without stress of working extra hard to pay their fees. This is possible because their feels will be paid by the government.
So you see, their is a lot of benefits you can get as a student from this student loan plan.
You are here because you wants to know how the student loans works and how to apply for it. Don’t worry, as we will share in details the every step on how to apply for student loan in Nigeria.
Just keep reading while we explore may tips on how to apply for the Student loans and also how it works.
Who is eligible for this students loan
Before you will be granted this students loan, you must meet the requirements listed below.
Just note that every one in the tertiary institutions is eligible for this student loan. But there are some criterias that you must meet to enable you get access to the student loans
- You must not have any defaulted loan under your name, i.e. you must not be found guilty of defaulting on any loan plan. You must also not be found in any exam malpractice, felony, drugs drug-related activities.
- Your family income must not be less than ₦500,000 per annum.
- You will also have to provide two civil servants with at least 12 years of experience.
- Also, ensure your parent have not defaulted on any of their previous loan plans.
Ticking good to all these criteria means you are good to go, you can apply for the loan. All you should do now is to submit all the documents requested. Below are the required documents for applying for a student loan.
Required documents for student loan
Before you can get access to this student loan in Nigeria, you should submit some of these documents to the office of the Students Affairs of your institution. Once you submit these documents, you are a step closer to getting your student loan in Nigeria.
Below are some of the documents needed to activate your student loan in Nigeria.
- A copy of your jamb results slip
- A complete application form
- A copy of your birth certificate
- A copy then of your passport photograph
- A copy of your WAEC/ NECO result certificate
- A guarantor letter of support from the two guarantors.
- A copy of your guarantor’s letter of employment.
- A copy of your guarantor’s passport photograph.
Getting all these documents may not come easily, but with determination, you can get all of them and hand them over to your institution’s student affairs office. Who will review it, if satisfied will now hand it over to the Central Bank of Nigeria with recommendations.
Don’t jubilate now, cause that’s not the final stage, you still need to keep your fingers crossed. Cause the Central Bank of Nigeria (CBN) will have to decide on whether to grant you the loan or not.
If they grant the loan, which I know they will do if you do your parts well. The money will be sent to your institution after which the money will be sent to your account by your institution.
Quick read 6 part-time online jobs for students without investment
Congratulations, now you have your student loan, the next thing is for you to make sure you use it appropriately for your academics.
If you don’t want to apply for a student loan in Nigeria manually, you can do so online using the methods listed below.
How to apply for a student loan in Nigeria
If you want to apply for a student loan in Nigeria by yourself, here are the steps you must follow.
- Visit the Central Bank of Nigeria (CBN) website and download the student loan in Nigeria application form.
- Fill out the form correctly, and ensure you also attach all the documents listed above.
- Then apply along with your attached documents.
That was so simple, that all these processes may not even last up to a week. You will get your student loan sent to your account within a week of application.
Now you have gotten your Student loan plan, the next step is to plan when, how and where to repay your student loan. So we will also guide you on the step-by-step guide on how to make your loan repayment.
How to repay your student loan in Nigeria
Before applying for a student loan in Nigeria, it’s good you know you are sure of repaying your loan. Cause there will be lots of consequences if you default on this loan.
Below is the process of repaying your student loan in Nigeria.
- The Nigerian student loan plan in Nigeria is available to everybody if you applied and have gotten your loan. It’s good you make the repayment, you are allowed to make the payment in ten years after graduation. That’s a huge time to make a loan repayment.
- If you default on this student loan plan you will have to face 2 years imprisonment or a fine of $650 or both. So, ensure you pay back your loan plan.
Frequently Asked Questions (FAQ)
Can a student get a loan in Nigeria
Yes, as a student you can get a loan to further your education in Nigeria. Every student in Nigeria can access this student loan.
This loan is designed to help a student who can’t afford their tuition fees in the higher institutions. If you are interested you can apply, always ensure you follow the right process. Like the one listed above.
Which bank in Nigeria gives student loans to study abroad
If you are not interested in going to school in Nigeria, you can get a loan from some of these top banks to help you further your education abroad.
Some of the banks that offer student loans to help study abroad are;
- MPower financing
- Citizens
- Sallie Mae
These are some of the banks that offer student loans to help you study abroad.
Conclusion
Yes, you can get a chance to study at any university of your choice in Nigeria, all thanks to the student loans plan in Nigeria.
This plan is issued to students who can’t afford to pay their tuition fees if you are interested you can apply to get a student loan.
Facts you should know about the student loans
The following are the basic things you should know about the student loans in Nigeria
- It’s made available to all the students in any tertiary students no matter the institution.
- It will take 30 days to disburse the funds if your loan is granted.
- The fund is made mostly for all educational related matters, such as tuition fees, textbooks and for researches.
- Only for Nigerian citizens
- The repayment plan start two years after your NYSC programme
- Applications are made through the banks, and any defaults may lead to jail terms.
Which banks is best for educational loan
Students application loans are submitted to the banks, there is nothing like a better bank. All the banks licensed by the CBN can accepts students applications.
The choice is yours to make a selection for the bank of your choice to submit the application. For me I will go for a bank with a good customers support, to enable me reach out to them incase of any questions.
So there is nothing like best bank to submit your loan application, all the banks are capable.
How to use educational loan
You must not spend your educational loan carelessly, always spend on valuable stuffs like;
- Tuition fees
- Textbooks
- Research
- Groceries
- Rents
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