How to Access Nigerian Students Loan | Up to N10M Interest-Free Loan

How to Access Nigerian Students Loan | Up to N10M Interest-Free Loan: The Nigerian Student Loan Scheme is basically for students seeking to acquire a high institution in the country, this loan is completely free of interest loan, and no one will police you repay the loan

This scheme is a direct initiative of the Federal government aimed at providing funds for poor students seeking higher education

Nigerian Students can get up to N10 million to sponsor their education, though the amount will differ from student to student and department to department. Technical Courses will require more funding than Non-technical.

Accessing the Students Loan

Here are things to know before applying for a student loan:

Students applying for loans must apply to the Chairman of the Nigerian Education Bank through their respective institutions.

They must have secured admission into any of the Nigerian Universities, Polytechnics, Colleges of Education, or any vocational school established by the Federal Government or the government of any state of the Federation.

Applicant must provide at least two guarantors.

Each of the guarantors must be a civil servant of not less than level 12 years in service, or a lawyer with at least 10 years post-call experience; in a judicial office of a justice of the peace.

All applications from every institution must be submitted through the Student 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 officer and addressed to the chairman of the board of the bank.

Each application must be accompanied by the following:

Each institution must ensure that all applications from its school reach the bank not more than 30 days after the close of admission for the academic year.

Where the guarantor is self-employed, he must provide particulars of his business as registered with the CAC or any other appropriate authority.

Copy of student’s admission letter

Letter by the guarantors addressed to the chairman, governing board of the bank recommending the student for the loan and stating that he accepts the liability in the event of default.

Each guarantor must submit two passport photographs, the name of the employer, and evidence of being so employed by the named organization.

Loan Repayment

Any beneficiary of the loan shall commence repayment two years after completion of NYSC

Repayment shall be by direct deduction of 10% of the beneficiaries salary at source by that employer and credited to the student’s loan account.

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How to Access it?

Applications will be submitted to the Students Affairs Offices of the respective institutions alongside relevant documents and qualified applications will be forwarded officially by the institution to the Chairman of the Education Bank in their territory.

Primary Purpose of the Nigerian Student Loan

The Loan Can Be Accessed For The

Purpose of Paying:

School Fees,

Accommodation,

Textbooks,

Research,

Education Materials

Any Other Purpose That’s Justified By The Institutions.

Eligibility/Criteria

Students applying for the loan must;

Provide at least 2 guarantors (a Civil Servant above Level 12 or a Lawyer with at least 10 years of post-call experience)

Have secured admission into any Tertiary Institution (Federal or State Universities, Polytechnics, Colleges of Education, or any other Tertiary Institutions)

Come from a family with an annual income of less than N500,000.

Factors that May Disqualify from the Loan

Students are disqualified from applying if;

They have never been convicted of any offense of dishonesty or fraud (yahoo boys una Weldon ooh)

They have ever been convicted of drug abuse

He has been convicted of drug offenses

Any of his parents has defaulted in respect of a student loan or any loan granted to him or her.

Their parents defaulted on any loan before (ask your parents also to check their credit history)

They have defaulted on any loan before (go to your banks and check your credit history ooh before you come online and be insulting the government on top of a loan you refused to pay from Kuda, Palmpay, or NIRSAL)

They have proven cases of exam malpractice

How Will the Student Money Be Sourced?

For continuity and sustainability, the student’s loan will be financed from various sources including;

1% of taxes, levels, and duties to FG through FIRS, NIS, and Customs

1% of profits from Oil and Other Natural Resources

Grants, Gifts, and any other endowments

Education Bonds

All interests arising from deposits of the bank

Education endowment fund schemes

How to Access Nigerian Students Loan | Up to N10M Interest-Free Loan