1. Secure admission: First, you must secure admission into a public Nigerian university, polytechnic, college of education (COE), or technical and vocational education and training (TVET) school.
2. Meet income requirements: Your income or your family’s income must be less than N500,000 per annum.
3. Provide guarantors: You need to provide at least two civil servants as guarantors. The guarantors should be at least at level 12 years of service. Alternatively, a lawyer with at least 10 years post-call experience, a judicial officer, or a Justice of Peace can also serve as guarantors.
4. Ensure a clean record: Applicants who have defaulted on previous loans or have been found guilty of exam malpractices, felony, or drug offenses will not be considered. Similarly, students whose parents have defaulted on previous loans will not be eligible.
5. Submit application through institution: All applications must be submitted through the Students Affairs Office of your institution. The submission should include a list of all qualified applicants from the institution and a cover letter signed by the Vice Chancellor, Rector, or the head of the institution, along with the student affairs office.
6. Repayment commencement: Once you become a beneficiary of the loan, repayment will start two years after completion of the National Youth Service Corps (NYSC) program.
7. Repayment process: Repayment will be done through direct deduction of 10% of the beneficiary’s salary at source by the employer. If the beneficiary is self-employed, they should remit 10% of their total profit monthly to the Students loan account prescribed by the Bank.
“Anyone in default of the provisions of sub-section 4 above or found to be aiding the default of any of the provisions of this Act is guilty of an offence and, if convicted, shall be liable to imprisonment for two years or a fine of N500,000 or both.”
