Apply for a Student Loan in Nigeria

How to Apply for a Student Loan in Nigeria

Getting a college education is expensive in Nigeria. While some students can pay tuition and fees using personal or family savings, many others require financial assistance in the form of student loans. A student loan allows individuals to borrow money to pay for educational expenses like tuition fees, books, accommodation, and living costs. It is an investment in one’s future that can be paid back over time.

This comprehensive guide provides all the necessary information about applying for a student loan in Nigeria. It discusses the different types of loans available, eligibility criteria, required documents, and application procedures, and answers some frequently asked questions. Following the steps outlined in this article will help interested individuals easily applyĀ for a loan to fund their higher education.

Types of Student Loans in Nigeria

There are two main types of student loans available in Nigeria:

Federal Government Student Loans

The Federal Government of Nigeria launched the Nigerian Students Loans Scheme in 2023 to provide financial assistance to Nigerian students at tertiary-level institutions. Some key features of this loan include an interest rate of 9% and a 10-year repayment period after graduation.

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Bank or Microfinance Student Loans

Several commercial banks and microfinance institutions in Nigeria also offer education loans. Some examples include loans from Access Bank, Heritage Bank, LAPO Microfinance Bank, and Keystone Bank. Interest rates and repayment periods may vary depending on the lender. These loans do not have the same subsidies and benefits as government loans.

Eligibility Criteria

To qualify for a student loan in Nigeria, applicants generally must meet the following criteria:

  • Must be a Nigerian citizen
  • Family income less than N500,000 per annum
  • Admitted to an accredited tertiary institution in Nigeria
  • Provide two qualified guarantors with proof of employment
  • Must not have a history of loan default

The income criteria and guarantor requirements may be different for bank or microfinance loans. Do check the specific eligibility guidelines of the loan provider.

Required Documents

Here are the key documents normally required when applying for a student loan in Nigeria:

  • Completed loan application form
  • Admission letter from university/college
  • JAMB/Post-UTME result slip
  • Birth certificate and valid ID
  • WAEC/NECO/NABTEB certificate
  • Letter of support from two qualified guarantors
  • Guarantorsā€™ valid ID, employment/residence proof

Do submit only clear, legible copies of original documents to avoid delays in processing the application.

Application Process

Here are the standard steps to apply for a student loan in Nigeria:

  • Visit the lender’s website and download the loan application form
  • Fill the form with accurate personal and program details
  • Attach all required documents as mentioned earlier
  • Submit the completed form to the lender via the online portal or bank branch
  • The loan application will be processed and a decision communicated
  • Accept loan offer letter and sign agreement if approved
  • Receive disbursement into your bank account
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The entire process may take 2-4 weeks depending on the lender’s verification process. Ensure all information provided is correct to avoid delays.

Frequently Asked Questions

1. What is the interest rate on student loans in Nigeria?

Interest rates range between 9%-15% depending on the lender. Government loans have a fixed rate of 9% while bank rates are typically 2-3% higher.

2. When do I start repaying the loan amount?

For most loans, repayment starts 6 months after graduation or when leaving school if discontinuing studies midway. Some lenders also offer reduced installment plans while studying.

3. What happens if I am unable to pay back on time?

Missing payments can negatively impact your credit history. Lenders may charge penalties or send reminders initially. As a last resort, legal action like litigation can be initiated for chronic defaults. It is advisable to reach out for assistance or rescheduling options if facing repayment difficulties.

4. Can international students also apply?

Only Nigerian citizens are eligible for local student loans as per current regulations. International students will need to explore alternative funding sources applicable to their home country or origin. Some may be eligible for university or private scholarships as well.

5. What are the guarantor requirements?

Generally, two individuals with stable long-term employment and respectable financial standing are required as loan guarantors. Their signatures validate the application. Government servants with rank levels higher than 12 and professionals like practicing lawyers are normally accepted profiles.


Accessing a student loan is a straightforward process that simply requires filling out standard forms correctly and providing requisite documents on time. By following this comprehensive guide, applicants can easily understand loan options available in Nigeria, determine their eligibility, complete documentation requirements, and submit applications via the proper channels. With responsible usage of funds and timely repayment as per terms, loans ensure continuous learning is not hampered due to financial limitations.


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