How to Apply for Student Loan In Nigeria by FG

Knowing how to apply for student loan in Nigeria recently introduced by the Bola Ahmed Tinubu led administration will go a long way to help you actualize your academic dream. 

The student loan is a federal government scheme introduced to cushion the effect of economic hardship on the parents and to make it easy for students to realize their academic dream irrespective of their backgrounds. 

The student loan is considered as one of the best policies of the Tinubu led administration because of the financial aide to students especially those who hail from average families. 

The application process has been made seamless and applicants don't need to know anyone occupying government position before being considered for the scholarship opportunity if they merit it. 

Eligibility Criteria for Student Loan In Nigeria

Students who wish to apply for students loan in Nigeria must be in public higher institutions of learning within the country. 

To be eligible, applicants must have been given admission in any public university, Polytechnic, college of education, or any TVET school in Nigeria. 

Students who are studying in private universities in Nigeria are not eligible for the student loan. Also, to be eligible for the student loan, the total annual income of the applicant or the parent annual income must be less than N500,000.

All applicants must provide not less than two civil servants who will be guarantors. Additionally, the civil servants must be on level 12.  Each applicants must also provide a lawyer who has spent at least 10 years in post-call experience; a Judicial officer; or a Justice of Peace to stand as guarantors.

Any applicant who is found guilty of failing to repay previous loans, found guilty of exam malpractice, or found guilty of a felony, guilty of drug offenses are not eligible for the student loan scheme by the federal government of Nigeria.

Student whose parent have been found guilty of defaulting on any previous loans are not eligible for the loan. 

How to Apply for Student Loan in Nigeria

To apply for the student loan in Nigeria, applicants are to submit their applications through an online portal provided by the federal government of Nigeria. 

Applicants are mandate to include a cover letter signed by the head of their institutions like the school vice-chancellors, rectors, provost, and Students Affairs Officer of their institution. They must also submit copy of their admission letter which proves they are students of the institutions they claim. Two signed letters from their guarantors  addressed to the chairperson of the CBN committee, and also two passports from each of the guarantors standing for them is also needed. 

Evidence of their guarantors' employment status are also necessary. If the guarantors are self-employed, applicants are mandated to submit the guarantors’ business registration with Corporate Affairs Commission (CAC) or any other appropriate authority, and their bankers will also be required.

After submitting your application, the Committee will review it and commutate to the applicants on the status of their applications within 14 days.

Follow this process to apply: 

Step one: visit the official portal nelf.gov.ng 

Step two: Click on the "Apply Now" section on the portal. 

Step three: Click on the "Get Started" section. 

Step Four: Click on "Yes I am a Nigerian" to proceed on the next stage. 

Step five: Verify academic information by selecting your institution from the option's available, then enter your matriculation number to verify if your institution has provided your details to the federal government for the purpose of the loan. 

Step six: Next is to click the option for 

"Verify with JAMB". If your NIN hasn't been linked to your jamb, you will enter your NIN in the space provided for the JAMB number. 

Step seven: Now create your account on the portal through a valid email address. Make sure your choose a password you can always remember. 

Step eight: Go to your email, and vlicl on the verification link to verify your account. Login on your dashboard and complete the remaining information required. 

Apply for the student Loan on the Portal 

To apply for the student loan on the portal, you will have to click on the 'request for student loan' option located at the right of the portal. 

You will have to upload supporting documents required and click the checkbox to know what the loan entails, the terms and conditions and the repayment option. Wish you best of luck.