Student Loans In Nigeria 2021


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Student Loans In Nigeria 2021
Posted on: April 25, 2021, 12:00:20 AM
Students loan enables people undergoing different kinds and levels of formal education access to funds necessary for the completion of such study. Expenses ranging from costs of required stationeries, school fees, accomodation, as well as other expenses required by the students in need are covered by these loans. These facilities are majorly not known by many students, and for the selected few who know about them, processing them is unknown of them.

Student loans like other loan facilities comes with their terms and conditions of acquisition. Eligible students, primarily students who have difficulty sourcing funds for their education would need to further meet some requirements before being through the process of loan obtainment. This post exposes the requirements and process through which any student could obtain a student loan in Nigeria. Included in this content are all you would intend being in knowledge of concerning student loans in the country.

The Federal Government Loan — Nigerian Education Bank

To aid students who purposed to get or complete an education, the federal government came up a board armed with the task of providing loans to students. “The Nigerian Students Loans Board,” created in 1972 then provided loans facilities to undergraduates and postgraduates studying in the country and overseas.

In subsequent years however, the board was rebranded “Nigerian Education Bank,” although the concern of loan recovery still existed. The rebranded organization oversees the outlay of loans to students undertaking professional study like Architecture, Law, Medicine, and Accountancy, among others. The organization was also armed with offering educational advisory services among several other duties.

Obtaining A Nigerian Education Bank Loan

The first step towards securing a student loan should be getting information about the banks which lends them. Obtaining the Nigerian education bank loan requires that you look for any lending bank offering such facility, and thereafter open an account before depositing the sum of N2,000 as processing fee in the said bank.

After doing that, you would be required to collate some documents and information needed by the education bank, and these includes:

  • Names, age, birth certificate, marital status, and sex.
  • Academic records – admission letter.
  • A form of identification, three recent passport photos, and a copy of fees from the Institution
  • The Course of study, duration, start date, and end date.
  • Bank account and depositing of N2,000 as a processing fee.
The requirements above might vary depending on the lender as chosen by you. Nevertheless, other variables which do depend on lender include:

  • Repayment, which is usually two years after completion of studies;
  • Purpose of loan, either for tuition, living expenses, stationaries, excetera.
  • Loan amount, could be within the value of N36,000 or much higher, depending on purpose.
  • Period of Loan, this is dependent on the number of years for the programme of each applicant.

Submission And Approval

The Nigerian Education Bank is saddled with sending the application forms to institutions across the country, and it is within the right of students to request for them at the Dean of Students Affairs office of their respective institutions.

After obtaining the form at the office, one is required to fill them and return them back to such office, with inclusion of prove of payment for the loan processing. It should be noted that after successful application, notifications would be through the operations unit of the Nigerian Education board to the student via SMS, email, or phone calls and not through the dean of students affairs office.

Successful applicants would have their names published in a national daily, as well as in the ministry's website. These successful student would also receive a letter containing the amount allotted to them. Each successful student would have their unique identification number and issued Identification cards, with their loan proceeds later disbursed by the Nigerian Education Bank itself.

Student Loan From The Banking Sector

Commercial banks also provide loans directly to student in need of such facility, rather than through the Education Bank. Access Bank, Stannic IBTC bank, including several other financial institutions all have facilities for students to access inorder to fund their education.

The requirements to obtain the loan depends on the bank offering such, and they are most times strict. While some requires that any parent of the student/pupil is a worker with prove of monthly wage paid into his/her account with the bank, other banks requires only the ward to have an account with them.

For all banks, one seeking student loan would need to obtain information of the bank offering such, then set-up a meeting with the bank's accounting officer to get more clarification. After fulfilling all requirements, the processing would be done by the bank, and you would be updated in due course.

Student Loan Through The Creative Sector Loan Initiative

Software engineering students could obtain a student loan through the Central Bank of Nigeria's Creative Sector Loan. This facility aims at capacity creating and providing employments to professionals in specific sectors.

More details of the loan include:

  • Interest rate: The maximum interest rate is 9% per annum for the loan with all charges included.
  • Type of loan:Term Loan with a 100% Central Bank of Nigeria funding
  • Moratorium: A freeze on repayment for nine months from date of disbursement.
  • Repayment: Repayment is monthly after the nine months freeze ends.
  • Repayment period: A maximum of 3 years to repay the student loan
  • Collateral: Minimum Equity Contribution (0%), University Degree, NYSC Certificate, Credible Guarantor, and Personal Guarantee.
Of note is that the applicant must be a Software Engineering Student. Also, he/she must have gained admission into a training organization that has job placement contracts.

To get the application successfully through, applicants must not have a bad credit history with Credit risk management system (CRMS) or any commercial bank in Nigeria, and he/she must have applied for preferred areas with low Information Technology penetration.

To get the loan, you need to foremostly approach a commercial bank to formally request for the details of the loan, and to verify whether such branch offer the facility. If it is offered, you would need to state at the bank the amount you require, submit the required documents, and follow through their application process. Professionals in the fashion, music, movie production, movie distribution, and information technology could also access this loan facility.


Getting a student loan in Nigeria comes with strict conditions, and in many financial institutions, they aren't even offered because of the issue of non-repayment. Aside the few loan facilities outlined in the content, one could key into CBN NIRSAL loan for households and SMEs. Learn more about requirements towards getting a personal loan in Nigeria.
« Last Edit: April 29, 2021, 11:06:24 PM by Everest »


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Re: Student Loans In Nigeria 2021
#1 Posted on: June 09, 2021, 10:49:40 PM
Hello, my name is victory ! I live in Lagos Nigeria, I gained admission recently to study abroad, but i am financially disturbed ,i was able to pay part of the amount and presently i am stock and need financial assistance.Please i need a student loan to enable me fund my study ! Thanks
Yours sincerely 

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