Education is the bedrock of any society, and in Nigeria, the government has taken significant steps to ensure that higher education is accessible to all. With the introduction of the Student Loan (Access to Higher Education) Act, of 2024, obtaining a student loan in Nigeria has become more streamlined. One question we all ask ourselves when looking for a loan as a Student is “What do you need to get a Student loan in Nigeria”?
The Student Loan Act, of 2024 was signed into law to address the challenges of the previous act and to ensure sustainable higher education for Nigerian students. It establishes the **Nigeria Education Loan Fund (NELFUND), which provides loans for tuition, fees, and upkeep during studies in approved institutions.
Related; How to Apply for Student Loan in Nigeria
Am I eligible for a student loan?
This is indeed a good question and we will list the criteria that qualified you to be eligible for a student loan in Nigeria.
Eligibility Criteria
To be eligible for a student loan in Nigeria, you must:
* Have secured admission into any public Nigerian University, Polytechnic, college of education, or any Technical and Vocational Education and Training (TVET) school.
* Have an income or family income of less than N500,000 per annum
* 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 Peace².
What are the documents required for a student loan in Nigeria?
When applying for a student loan, you will need to provide:
* A valid form of identification (National identity card or International Passport).
* Proof of admission (Admission letter).
* Academic records (Transcripts or academic certificates).
* Personal information (Names, age, birth certificate, marital status, and gender).
How to Apply for a student loan in Nigeria
Applying for a student loan in Nigeria is a straightforward process. Here are the steps to apply for a student loan in Nigeria.
1. Secure Admission: Obtain an admission letter from a public tertiary institution.
2. Meet Income Criteria: Ensure your family income is within the specified limit.
3. Find Guarantors: Identify two qualified guarantors as per the requirements.
4. Submit Application: Apply through the Students Affairs Office of your institution with all necessary documents.
Are there Repayment Terms for a student loan in Nigeria?
Yes, there are favorable Repayments for a student loan in Nigeria. The repayment of the student loan begins two years after the completion of the National Youth Service Corps (NYSC) program. Student loan Beneficiaries are required to repay 10% of their salary at source or, if self-employed, 10% of their total profit monthly.
Related; How to Successfully Get Approved for a Loan in Nigeria
How To Get a Loan Without BVN In Nigeria
The Student Loan Act, of 2024, is a significant step towards making higher education accessible to all Nigerians. Before you apply for a loan, you need to understand the eligibility criteria, application process, and repayment terms. This is good news for people who are constrained by financial factors to access tertiary education.
Article Source:
(1) In Detail: The Student Loan (Access to Higher Education) Act, 2024. https://statehouse.gov.ng/news/in-detail-the-student-loan-access-to-higher-education-act-2024/.
(2) EXPLAINER: How to apply for FG’s student loan – Punch Newspapers. https://punchng.com/explainer-how-to-apply-for-fgs-student-loan/.
(3) How to get student loan in Nigeria – MakeMoney.ng. https://www.makemoney.ng/student-loan-in-nigeria/.
(4) How to apply for student loan in Nigeria – PiggyBank. https://www.piggybank.ng/how-to-apply-for-student-loan-in-nigeria/.
