How to apply for Federal Government of Nigeria student loan

How to apply for Federal Government of Nigeria student loan

President Bola Ahmed Tinubu of Nigeria, on June 12, 2023, signed into law the Student Loan Bill to establish an education bank to enable Nigerian students seeking higher education to have access to interest-free loans. The bill was introduced by the former speaker of the House of Representatives, Femi Gbajabiamila.

The bill is titled; “An Act to Provide Easy Access to Higher Education For Nigerians Through Interest-Free Loans From Nigeria Education Bank Established in this Act with a View To Provide Education for All Nigerians and for Related Matters.”

Students applying for loans under this Act must apply to the Chairman of the education bank through their respective institutions. However, applicants are to meet the following conditions to be eligible:

Criteria for Selection for Nigeria’s government student loan

  1. Admission: Applicants must have secured admission into any of the universities, polytechnics, colleges of education, or any vocational school established by the Federal or any State Government of Nigeria
  2. Income Limit: Applicants’ income or family income must be less than N500,000 (five hundred thousand naira) per annum.
  3. Guarantors: Applicants must provide at least two civil servants as guarantors who are not less than level 12 in service; or a Lawyer with at least 10 years post-call experience; a Judicial officer; or a Justice of Peace.

Criteria for disqualification 

Applicants will be disqualified from accessing the loan for the following reasons:

  1. Previous Loan Default: Students who have defaulted on previous loans granted by any organization
  2. Exam Malpractice: If a student has been found guilty of exam malpractice by any school authority
  3. Conviction of Felony or Offenses of Dishonesty or Fraud: Students who have been convicted of a felony or any offense involving dishonesty or fraud
  4. Drug Offenses: Students who have been convicted of drug offenses
  5. Parental Loan Default: Students whose parents have defaulted in respect of previous loans will not be considered

For students who meet the selection criteria 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.

 

Author: abokimallamfx