Npower News: How To Apply For The Federal Government Student Loan

According to Npower News, the federal government student loan was established under the student loans (Access to Higher Education) Act, 2024 and signed into law by President Bola Ahmed Tinubu on April 3, 2024. The federal government student loan aims to guarantee sustainable higher education and functional skill acquisition and development for all Nigerian students and youths.

To apply for the Federal Government of Nigeria student loan, the applicant should follow the procedures below: 

Eligibility Criteria For The Federal Government Student Loan

1) The Federal Government Student Loan applicant must have a family with income of less than ₦500,000 per annum.

2) The Federal Government Student Loan applicant must provide 2 civil servants with not less than level twelve years in service or a Lawyer with at least ten years post-call experience; a Judicial officer; or a Justice of Peace as guarantors.

3) Federal Government Student Loan applicant with parents who have defaulted in respect of previous loans will not be disqualified.

3) The Federal Government Student Loan applicant must also not have defaulted on any previous loans or been found guilty of exam malpractice, felony, or drug/narcotics related offenses.

How to Apply For The Federal Government Student Loan

1) The federal government student loan applicant should visit the website of the Central Bank of Nigeria (CBN) and download the student loan application form.

2) Applicant should complete the federal government student loan application form correctly and make sure to enclose all the required documents.

3) The applicant should submit the federal government student loan application form and the correctly enclosed documents to the Student Affairs Office of his or her institution.

Required Documents For The Federal Government Student Loan Application

1) A completed federal government student loan application form

2) A copy of applicant's admission letter

3) A copy of applicant's JAMB result slip

4) A copy of applicant's WAEC/NECO result certificate

5) A copy of applicant's birth certificate

6) A copy of applicant's passport photograph

7) A guarantor’s letter of support from each of applicant's two guarantors

8) A copy of applicant's guarantors’ employment letter(s)

9) A copy of applicant's guarantor’s passport photographs

According to Npower News, applicants can apply for the federal government student loans to cover tuition and other fees payable to the school and maintenance allowance payable to the student, repayment of the federal government student loan by beneficiaries will not be initiated until two years after the completion of the National Youth Service Programme (NYSC).

A beneficiary of the federal government student loan may request an extension of enforcement action by the Fund by providing a sworn affidavit indicating that he/she is not employed in any capacity and is not receiving any income, salary or wages. There might be Federal government student loan forgiveness in the event of death or acts of God causing inability to repay the student loan.

The Nigerian Education Loan Fund will commence a pilot phase of the federal government student loan scheme with applicants from public tertiary institutions, including federal and state universities, monotechnics, polytechnics, and colleges of education.

The commencement date for the federal government student loan has not been set for the program.