The Federal Government has announced the key requirements for tertiary students applying for student loans, providing clear guidelines for approval. Among the conditions, one significant rule is that neither the student nor their parents should have defaulted on any prior loans.

President Bola Tinubu has reiterated his commitment to ensuring that no Nigerian student is forced to leave college due to financial constraints.

Key Highlights of the Student Loan Program

The Federal Government aims to approve over 1 million applications in the initial phase of its student loan scheme. This development follows the recent signing of an amended student loan bill by President Tinubu on Wednesday, April 4, 2024, after its passage in the House of Representatives and the Senate.

Akintunde Sawyer, Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), detailed the application process and outlined the requirements for eligibility.

Key Requirements for Loan Approval

To apply for a student loan, candidates must fulfill the following conditions:

– Present their Joint Admissions and Matriculation Board (JAMB) registration number
– Submit their National Identification Number (NIN)
– Provide their Bank Verification Number (BVN)
– Existing students must also provide their matriculation details

The loans are intended to cover tuition costs and provide a stipend for essential student needs like food, photocopies, and data. This support is designed to help students meet their basic needs during their studies.

How Students Will Access Loans
Sawyer explained that the loan application process would be entirely automated to minimize human contact. Successful applicants’ funds will be sent directly to their educational institutions.

This student loan scheme is a significant initiative from President Tinubu’s administration, aiming to support students and educators..