How To Access Student Loan In Nigeria

Are you a citizen of Nigeria studying in any of the tertiary institutions in the country?

Have you heard about the “Student Loan Bill” that was just signed into law by the President?

If you are looking for information on how to access the loan, then read this article to the end.

Indeed, relief has come to students of tertiary institutions in Nigeria who hitherto have struggled with the payment of tuition fees in the past.

The administration of President Tinubu has provided a tangible solution.

Tinubu during his campaign made promises which he has started bringing to manifestation.

Aside from making the subsidy removal pronouncement, he has signed the electricity bill into law and the latest being the Student Loan Bill.

The student loan bill is a bill meant to give tertiary students access to federal government loan to finance their education.

Here are the steps to access the student loan which was sponsored by the Chief of Staff of President Tinubu, Hon. Femi Gbajabiamila.

Students (applicant) must apply for this through the Chairman of the Bank through their respective institutions upon satisfaction of the following conditions.
Students applying for this loan must have secured admission into any public Nigerian University, Polytechnic, COE, or TVET school.
Applicants must provide at least two civil servants as guarantors of not less than level 12 years in service.
All Applications must be accompanied by a cover letter signed by the Vice-Chancellor or Rector or the head of the institution and the student affairs.
All Applications will be submitted through the Students Affairs Office of each Institution.

This student loan in Nigeria is not a gift from the Federal Government.

Basically, it is a way to augment the finance of students so that they can face their studies while in school.

Therefore, there is a repayment plan for every beneficiary of the student loan.

Beneficiary of the loan shall commence repayment two years after completion of the National Youth Service Corps programme.

Repayment shall be by direct deduction of 10% of the beneficiaries salary at source by the employer.

Where the beneficiary is self-employed, he shall remit 10% of his total profit monthly to the Student loan account.

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

Defaulters on previous loans will not be considered.

This student loan policy could be a part of the “Hope 93” agenda which President Tinubu is renewing in 2023.

Moreover, if you want to explore other loan opportunities as a student, here is a video that could guide you.

Tinubu Gives Assent To Student Loan Bill