Step-By-Step Guide On How To Apply For Student Loans In Nigeria

The Federal Republic of Nigeria offered a Student Loan program aimed at easing the financial burden of tertiary education for Nigerian students.

If you’re considering applying for this financial assistance, here’s a comprehensive guide to help you navigate the application process effectively.

Eligibility Criteria

Before initiating the application process, it’s essential to ensure that you meet the following eligibility requirements:

  • Your family’s annual income should not exceed N500,000.
  • Two civil servants with a minimum of 12 years in service, or a Lawyer with at least 10 years post-call experience, a Judicial officer, or a Justice of Peace must serve as guarantors.
  • Applicants with parents who have defaulted on previous loans or have personal defaults, exam malpractice, felony, or drug offenses are ineligible.

Student Loan Application Process

Here’s a detailed breakdown of the application process:

  1. Prepare Required Documents:

    • Completed application form.
    • Copy of admission letter.
    • Copy of JAMB result slip.
    • Copy of WAEC/NECO result certificate.
    • Copy of birth certificate.
    • Copy of passport photograph.
    • Guarantor’s letter of support and employment letter(s).
    • Guarantor’s passport photograph.
  2. Submission to Student Affairs Office:

    • Submit the completed application form and all required documents to the Student Affairs Office of your institution.
  3. Review and Recommendation:

    • The Student Affairs Office will review your application and provide a recommendation to the Central Bank of Nigeria (CBN).
  4. Decision by CBN:

    • Based on the recommendation, the CBN will decide whether to grant you the loan.
  5. Loan Disbursement:

    • If approved, the loan amount will be disbursed directly to your institution, which will then transfer the funds to your account.

Application Submission Steps

Here’s how to submit your application effectively:

  1. Visit the website of the Central Bank of Nigeria (CBN).
  2. Download the student loan application form.
  3. Complete the form accurately, ensuring all required documents are attached.
  4. Submit the application form and attached documents to the Student Affairs Office of your institution.

Important Notes

  • Repayment Period: You are obligated to repay the loan over a 10-year period after completing your studies.
  • Legal Consequences: Defaulting on repayment may result in two years imprisonment, a fine of N500,000, or both.

Banks Offering Student Loans in Nigeria

Several prominent banks in Nigeria also provide student loans, including:

  1. Access Bank Student Loan

    • Features: Covers tuition fees, loan amount up to ₦5 million, option to refinance, remittance services available.
    • Requirements: Various documents including admission letter, tuition advice, and employment ID.
  2. GTBank Student Loan

    • Features: Designed for financing school fees in Nigeria, loan amount up to ₦5 million, competitive interest rates.
    • Requirements: Completed application form, employer undertaking form, and school fees bill.
  3. First Bank FirstEdu Loan

    • Features: Flexible funding for school facility upgrades, repayment plan spread over 90 days, maximum amount of ₦10 million.
    • Requirements: Collateral includes domiciliation of school fees with First Bank.


By adhering to the outlined steps and requirements, you can successfully apply for the Federal Government Student Loan in Nigeria.

Ensure thorough preparation and compliance with all stipulated guidelines to facilitate a smooth and successful application process, securing the financial support necessary for your educational pursuits.


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