FG Releases 5 Must-Have Requirements for Approval of Student Loan Applications

FG Releases 5 Must-Have Requirements for Approval of Student Loan Applications

  • FG has released the requirements tertiary students seeking loans for studies must meet to get approval
  • Among the guidelines is that a student or their parents may not have defaulted on any previous loan
  • President Bola Tinubu has repeatedly stated his intention to ensure that no Nigerian student drops out of tertiary institutions due to lack of funds

The federal government has released a list of requirements for approving student loan applications.

The Bola Tinubu administration is considering approving over 1 million in the first batch of the student loan scheme.

Nigerian government list requirements for student loan
FG sets rules for student loan Photo credit: Damilola Onafuwa
Source: Getty Images

Legit.ng had reported that Tinubu signed the amended student loan bill into law on Wednesday, April 4, 2024, after it was passed by the House of Representatives and the Senate, respectively.

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Student loan requirements

Akintunde Sawyer, the managing director/chief executive officer (MD/CEO) of the Nigerian Education Loan Fund (NELFUND), explained the process and noted that students seeking access to the loan must meet the requirements to be considered.

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Listing the requirements, Sawyer stated that the beneficiary would be required to meet the following conditions:

  • Provide their Joint Admissions and Matriculation Board (JAMB) numbers
  • National Identification Number (NIN)
  • Bank Verification Number (BVN), among other details, before they can apply for the loan
  • Existing students seeking to take the loan must provide their matriculation details.

What is the student loan for?

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Sawyer noted that the loans cover full tuition fees directly paid to the institutions and a stipend issued to individual beneficiaries.

He said:

"Beneficiaries will receive regular stipend payments to cover essential expenses such as food, photocopying of handouts, and data.
"This financial support aims to ensure students have the means to sustain themselves throughout their academic journey, acknowledging the unique challenges students face in their pursuit of education."

How students will access loans

Legit.ng earlier reported that Sawyerr also explained how interested citizens could access the student loan.

Sawyerr disclosed that there will be no human contact when accessing the loan, as everything will be automated, and funds for successful students will be transferred to the schools’ accounts.

The student loan initiative is one of the major policies introduced by the Tinubu-led government since he assumed office as Nigeria's president.

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Source: Legit.ng

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