The Federal Government Student Loan is a financial assistance program that is designed to help Nigerian students afford the cost of tertiary education.
The loan is open to students who are admitted to any public Nigerian university, polytechnic, college of education, or technical and vocational education and training (TVET) school. The loan covers the cost of tuition, fees, and living expenses.
Eligibility Criteria For Federal Government Student Loan in Nigeria:
To apply for the Federal Government Student Loan, you must meet certain eligibility criteria:
- Family income of less than N500,000 per annum
- Provide two civil servants with not less than level 12 years in service or a Lawyer with at least 10 years post-call experience; a Judicial officer; or a Justice of Peace as guarantors.
- Students with parents who have defaulted in respect of previous loans will not be considered.
- You must also not have defaulted on any previous loans or been found guilty of exam malpractice, felony, or drug offenses.
- Once you have met the eligibility criteria, you can apply for the loan by submitting the required documents to the Student Affairs Office of your institution.
Required Documents For Federal Government Student Loan in Nigeria:
List of documents that should be submitted to the Student Affairs Office of your institution:
- A completed application form
- A copy of your admission letter
- A copy of your JAMB result slip
- A copy of your WAEC/NECO result certificate
- A copy of your birth certificate
- A copy of your passport photograph
- A guarantor’s letter of support from each of your two guarantors
- A copy of your guarantors’ employment letter(s)
- A copy of your guarantor’s passport photographs
The Student Affairs Office of your institution will review your application and make a recommendation to the Central Bank of Nigeria (CBN).
The CBN will then make a decision on whether or not to grant you the loan.
If you are granted the loan, the money will be paid to your institution, after which your institution will send it to your account.
How to apply for Federal Government Student Loan in Nigeria:
Here is a step-by-step guide on how to apply for the Federal Government Student Loan in Nigeria:
- Visit the website of the Central Bank of Nigeria (CBN) and download the student loan application form.
- Complete the application form correctly and make sure to attach all the required document
- Submit the application form and the correctly attached documents to the Student Affairs Office of your institution.
- You will be required to repay the loan over a period of 10 years after completion of your studies.
- The law stipulates two years imprisonment or a fine of N500,000 ($650) or both for students who default in repayment, or anyone found aiding defaulters