Federal Government student loan in Nigeria. We have curated a list of Government Loan For Students In Nigeria as well as other related information you need to know about education loans in Nigeria. So if that is what you are searching for, then you are on the right page.
In Nigeria, students can finance their education through a number of government-sponsored loan programs. The following list and explanation include a few of the most popular ones.
Government Loan For Students In Nigeria
1. Central Bank of Nigeria Loan Scheme
The Central Bank of Nigeria has announced new loans for university and polytechnic graduates who are willing to set up businesses, saying the move is part of its effort to fight rising unemployment in the country
The Central Bank of Nigeria, as part of its effort to boost economic growth and reduce unemployment among graduates of Nigeria Polytechnics and Universities, introduced the Tertiary Institutions Entrepreneurship Scheme.
The Scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white collar jobs to a culture of entrepreneurship geared towards job creation, economic growth and sustainable development.
The Central Bank of Nigeria(CBN) therefore developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with the academia( Universities and Polytechnics) to unleash the potential of Nigeria graduate entrepreneurs (gradpreneurs) by providing re-orientation, training, and an innovative financing model that will enhance the entrepreneurial ecosystem with transformational impact on the economy.
2. Tertiary Education Trust Fund (TETFund)
This is a government program that provides loans and grants to students who are eligible at all levels of higher education institutions in Nigeria.
You can follow the steps below to apply for a loan.
- Check eligibility: TETFund loans are available for students enrolled in recognized tertiary institutions in Nigeria. Check with your institution to confirm if it is TETFund approved.
- Collect required documents: You will need to provide proof of identity, proof of admission, evidence of payment of the acceptance fee, and other relevant documents as specified by TETFund.
- Apply online: Visit the TETFund website and complete the online loan application form. You will need to provide info regarding your education and course of study as well as personal and financial information.
- Submit the required documents: Once you have completed the online application, you will need to submit the required supporting documents either in person or through a designated TETFund center.
- Wait for processing: TETFund will review your application and, if approved, disburse the loan directly to your institution for payment of tuition and other eligible expenses.
- Repay the loan: Repayment of the loan usually starts after graduation or after a specified period as agreed upon.
3. Nigerian Students Loans Board
If you are pursuing your undergraduate or postgraduate studies in any recognized Nigerian university or college, then you are eligible to apply for a loan via the Nigerian Students Loans Board.
How to apply for Nigerian Students Loans Board
Follow the steps below if you want to apply for a loan from the Nigerian Students Loans Board.
- Visit the official website of the Nigerian Students Loans Board at www.nslb.gov.ng.
- Register by clicking on the “Register” button on the homepage.
- Fill out the required personal and academic information, then submit your registration.
- Log in to your account and complete the loan application form.
- Attach all the required supporting documents, such as proof of identity, an admission letter, academic transcripts, and a guarantor form.
- Submit the completed loan application form and await a response from the Nigerian Student Loans Board.
You will receive a loan offer and disbursement instructions if your loan application is approved.
4. State Government Loan for Students
Kaduna State Education Loan is the only ongoing and active state government loan application in the country. To apply for the Kaduna State Education Loan you need to keep the following information in mind.
- You can apply for the Kaduna State Education Loan via scholarship.kdsg.gov.ng/loans.
- The Kaduna State Education Loan is meant for all citizens of Kaduna State, either by state of origin or by residency.
- Only students who are employed can prove through their bank statements that they earn a salary each month.
- You will need a guarantor who works for either Kaduna State or the Federal Government. A private sector employee cannot stand as a guarantor.
- You need a sponsor. The person can be your parent, guardian, friend, spouse, etc. You should get a sponsor to apply for you if you are an unemployed student.
- The loan processing will start once you apply.
- Make sure you submit all the required documents.