Application and Eligibility Criteria for Student Loans in Nigeria in 2024

Learn how to secure Nigerian Student Loans: Eligibility, Application Process, and Important Information. Discover the steps to apply, eligibility criteria, and reputable banks offering student loans in Nigeria.

The Federal Government Student Loan

The Federal Government Student Loan helps Nigerian students pay for college.

If you need help with your education costs, follow these steps to apply for it:

  1. Find out if you’re eligible.
  2. Get the application form.
  3. Complete the form with your details in English.”
  4. Submit the form and required documents.
  5. Wait for approval.
  6. If approved, use the loan for your education.

Eligibility for Federal Government Student Loan in Nigeria

Before you apply for the Federal Government Student Loan in Nigeria, make sure you meet these requirements:

  1. Income Limit: Your family’s yearly income should be less than N500,000.
  2. Guarantors: You need to have two guarantors who are civil servants with at least 12 years of service. Alternatively, a Lawyer with a minimum of 10 years post-call experience, a Judicial officer, or a Justice of Peace can also be your guarantors.
  3. Loan Defaults: If your parents have not paid back previous loans they took, you won’t be eligible. Also, you must not have defaulted on any previous loans yourself. Additionally, you should not have been involved in exam cheating, serious crimes, or drug offenses.

Student Loan Application Process in Nigeria

To apply for the Federal Government Student Loan in Nigeria, follow these steps:

Step 1: Prepare Required Documents

Before you start the application, gather these important documents:

  • A completed application form.
  • A copy of your admission letter.
  • A copy of your JAMB result slip.
  • Submit a photocopy of your WAEC/NECO result certificate.
  • A copy of your birth certificate.
  • A copy of your passport photograph.
  • A letter of support from each of your guarantors.
  • Copies of your guarantors’ employment letters.
  • Passport photographs of your guarantors.

Step 2: Submission to Student Affairs Office

Take the completed application form and all the necessary documents to your school’s Student Affairs Office.

Step 3: Review and Recommendation

The Student Affairs Office will carefully examine your application and give their recommendation to the Central Bank of Nigeria (CBN).

Step 4: Decision by CBN

The CBN will make the final decision about whether you’ll receive the loan, based on the recommendation from the Student Affairs Office.

Step 5: Loan Disbursement

If your loan application is approved, the money will be sent directly to your school. Then, your school will put the funds into your account for you to use for your education

How to Get a Student Loan in Nigeria

If you want to apply for a student loan in Nigeria, follow these simple steps:

Step 1: Visit CBN Website

Go to the Central Bank of Nigeria (CBN) website. You can find it by searching on the internet.

Step 2: Download Application Form

Download the student loan application form from the CBN website.

Step 3: Fill Out the Form

Fill out the application form accurately. Make sure to attach all the documents that are required.

Step 4: Submit to Student Affairs Office

Take your completed application form and all the necessary documents to the Student Affairs Office at your school. They will help you with the next steps.

Important Notes

  1. “Here are some important points to remember:”
  2. Repayment Period: After you finish your studies, you must repay the loan within a 10-year period. Make sure to plan for this.
  3. Legal Consequences: If you don’t pay back the loan or help others avoid paying it, you could face serious consequences. The law says you could be sentenced to two years in prison or have to pay a fine of N500,000, or even both. Thus, it’s essential to fulfill your repayment responsibilities.

Banks Offering Student Loans in Nigeria

Several prominent banks in Nigeria provide student loan options to support your education. One of these banks is Access Bank, which offers the Access Bank Student Loan. Here are some key details:

Access Bank Student Loan Features:

  • Designed to cover tuition fees, ensuring uninterrupted education.
  • Loan amounts can reach up to ₦5 million.
  • Option to refinance the loan for flexibility in repayment.
  • Remittance services are accessible for added convenience.

Access Bank Student Loan Requirements:

To apply for the Access Bank Student Loan, you’ll need the following:

  • Completed application form.
  • Admission letter from your educational institution.
  • Tuition advice.
  • Letter of domiciliation of a salary account (either yours or your parent’s/sponsor’s).
  • Copy of employment ID or a valid means of identification.
  • BVN (Bank Verification Number).
  • Credit checks may be part of the application process.

Keep in mind that different banks may have varying loan terms and conditions, so it’s essential to research and compare your options before making a decision.

GTBank Student Loan

Another reputable bank in Nigeria offering student loans is GTBank. Here are the details of the GTBank Student Loan:

GTBank Student Loan Features:

  • Designed to finance school fees for educational institutions in Nigeria.
  • Loan amounts can go up to ₦5 million, with a maximum tenure of 4 months per request.
  • Competitive interest rates to make it affordable.
  • Immediate access to the loan amount to cover your educational expenses.

GTBank Student Loan Requirements: To apply for the GTBank Student Loan, you will need the following:

  • “Please submit the fully filled application form along with the employer undertaking form.”
  • School fees bill and credit insurance.
  • Your staff terminal benefit should either be domiciled in GTBank or obtain Corporate Guarantee.

First Bank FirstEdu Loan

First Bank offers the FirstEdu Loan, which is tailored to school proprietors to support school facility upgrades and funding needs. Here are the key features and requirements:

First Bank FirstEdu Loan Features/Requirements:

  • Targets school proprietors and provides flexible funding for school facility improvements and financial gaps.
  • Offers a flexible repayment plan spread over 90 days.
  • Allows access to a maximum loan amount of ₦10 million.
  • The collateral requirement is the domiciliation of school fees with First Bank.
  • The school must have an account relationship with First Bank for a minimum of 6 months or 12 months with other banks.
  • Target markets include private schools duly registered under the Corporate Affairs Commission (CAC) and their respective State Government.
  • The school must have a minimum student population of 100.

Before applying for the FirstEdu Loan, ensure you meet these requirements and thoroughly understand the loan terms to make an informed decision about your school’s financial needs.


By carefully following this guide, you can effectively complete the application process for the Federal Government Student Loan in Nigeria, allowing you to secure the financial assistance necessary for your educational pursuit.

It is crucial to adhere to all the specified requirements and obligations during the application process to ensure a seamless and successful experience. Best of luck with your education!

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