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Federal Government Loan By CBN ₦300,000 For Students – Apply Today

Have you heard about the ₦300,000 loan allocated to Nigerian students by the Federal Government? If yes, do you need to know about the eligibility requirements or how to apply for the loan? Look no more as the answer you are looking for is here.

The Nigeria new government under the leadership of president Bola Ahmed Tinubu has decided to introduce a student loan that will aid the payment of tuition fees for Nigeria students. With this loan, students who or whose sponsors are struggling to Pay for their school fees will have their struggles reduced as this student loan will cater for the students’ school fees during their stay at the institution.

With the increments in school fees at various tertiary institutions in Nigeria, it’s no surprise that some students are dropping out of school because they can’t afford to cater for the bulky fees again. However with these FG Students loan, they won’t have to bother about that anymore.

As you can see, you can only borrow up to ₦300,000 and nothing more. However this ₦300,000 is enough to pay for your tuition fees at federal universities and some other polytechnic. You don’t have to pay this loan immediately after you finish school or during school, the loan repayment schedule is 5 years and you will be charged 0% interest rate.

Now enough with the chit chat, pls stay with us as we will soon be unleashing the requirements for these loans and how to apply. Keep scrolling for more information.

Students Loan In Nigeria Requirements

 

Although this loan is for all Nigeria students whether undergraduate or full time postgraduate, however an applicant needs to meet up with some certain requirements to be eligible. Below are the eligibility requirements of the ₦300,000 students loan.

  • Must be a Nigeria citizen 
  • You must be enrolled in a University, polytechnic, College of education.
  • Must maintain a 3.00 GPA
  • Must not have an outstanding loan
  • Must be free of any form of Conviction
  • Should not indulge in examination malpractice
  • Must be able to provide at least two guarantors 

Apply Now : ₦500,000 Government Loan For Students In Nigeria

How Do I Access My FG Student Loan

 

The loan application step is quite easy, all you have to do is follow the steps required and you will receive your loan in due time. 

  1. Go to the official website of the Federal Ministry of Education (FME)
  2. Tap  on the “Student Loan” tab
  3. Fill and complete the online application form
  4. Make sure you Upload the required documents
  5. Pay the application fee
You will be required to submit and fill documents like:
  • School Admission Letter 
  • A completed application form
  • A copy of their academic transcripts
  • A copy of their national identity card
  • A copy of their parents’ or guardians’ income statement
  • A letter of financial need
  • A copy of their National Identification Number (NIN).
  • A copy of their Bank Verification Number (BVN).
  • A letter of recommendation from their academic institution.

Benefits Of ₦300,000 FG Loan To Nigeria Students

 

  • Unlike bank loans or loan apps the federal government ₦300,000 loan is interest-free.
  • Since it’s available to all Nigerian tertiary institutions students, the loan is unbiased. 
  • Not only does it cover tuition,  It can be used to cover the cost of books, and some  other educational expenses .
  • The application process is simple, fast, easy and straightforward.

How To Repay The ₦300,00 Federal Government Students Loan

You don’t have to worry about signing or going through the same process when collecting the loan to pay for the loan, this is because the loan will be automatically deducted from your salary after 2 years of finishing your NYSC.

Related – Top 15 Best Loan Apps In Nigeria 

Conclusion

Before you can be eligible for this loan, you need to maintain some certain criteria. We have made sure to include this criteria, the steps to follow when applying and the loan benefits in this content. Kindly read carefully and don’t hesitate to ask questions.