How to Apply for Federal Government Loan for Nigerian Students


The ever-increasing cost of education can feel like a barrier to achieving your dreams of attending a Nigerian university, polytechnic, college of education, or technical and vocational training (TVET) school. But fear not, the Federal Government Student Loan program is here to help! This program is designed to provide financial assistance to eligible Nigerian students, making higher education more accessible.


Not everyone can qualify for the Federal Government Student Loan. To be considered, you’ll need to meet the following criteria:

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  • Financial Need: Your family’s annual income must be less than N500,000. This ensures the program prioritizes those who genuinely need help covering educational costs.
  • Strong Guarantors: You’ll need two guarantors to vouch for your financial responsibility. These guarantors should be reliable individuals who can step in and repay the loan if you’re unable to do so. Here are some options for guarantors:
    • Two civil servants with at least 12 years of experience.
    • A lawyer with a minimum of 10 years of experience after being called to the bar.
    • A judicial officer or Justice of Peace.
  • Clean Record: It’s important to demonstrate responsible behavior. This means you cannot have:
  • Defaulted on any previous loans. This shows a history of not repaying debts.
  • Been found guilty of exam malpractice, a felony, or drug offenses. These actions raise concerns about your trustworthiness.

Required Documents


Once you’ve confirmed your eligibility, it’s time to gather the necessary documents to support your application. Make sure you have the following:

  • Completed Application Form: Download the application form from the Central Bank of Nigeria (CBN) website and fill it out accurately.
  • Admission Letter: A copy of your official acceptance letter from your chosen institution.
  • JAMB Result Slip: This is proof of your performance on the Joint Admissions and Matriculation Board exam, a requirement for Nigerian universities.
  • WAEC/NECO Result Certificate: Provide a copy of your West African Examinations Council (WAEC) or National Examinations Council (NECO) results, depending on the exam board you took.
  • Birth Certificate: A certified copy to verify your age and eligibility.
  • Passport Photograph: A recent picture of yourself for identification purposes.
  • Guarantor Letters and Documents: Each guarantor needs to provide a letter of support expressing their willingness to back your loan. Additionally, include copies of their employment letters and passport photographs.

How to Apply

Now that you have all the documents, here’s how to submit your application:

  • Visit the CBN Website: Head over to the Central Bank of Nigeria’s website and download the student loan application form, as mentioned earlier.
  • Complete the Application: Fill out the form carefully and make sure all the information is accurate. Don’t forget to attach all the required documents mentioned above.
  • Submit to Your Institution: Once everything is complete, submit the application form and attached documents to the Student Affairs Office at your chosen institution.
  • They will review your application and make a recommendation to the Central Bank of Nigeria (CBN).

CBN’s Decision and Loan Disbursement

The CBN will then review your application and make the final decision on whether to grant you the loan. If approved, the loan amount will be sent directly to your institution. The institution will then disburse the funds to your bank account according to their procedures.

The Federal Government Student Loan is a fantastic opportunity to finance your education, but it’s important to remember it’s a loan, not free money. You’ll be responsible for repaying the loan over a period of 10 years after you complete your studies. Make sure you have a plan in place to manage your repayments after graduation.

Taking Responsibility Seriously

The law takes loan repayment seriously. If you default on your loan, you could face serious consequences, including:

  • Imprisonment: You could be sentenced to up to two years in jail.
  • Fine: You may be fined N500,000 (approximately $650).
  • Combined Penalty: In some cases, you could face both imprisonment and a fine.
  • There are also penalties for anyone who helps a student avoid repaying their loan.

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