Nigerian Students Loan Bill Signed By Tinubu 2023 | Great chance

Nigerian Students Loan Bill Signed By Tinubu overview

On June 12, 2023, Democracy Day, President Bola Ahmed Tinub signed into law the student loan law. The purpose of this law is to establish an education bank in Nigeria that will provide interest-free loans to Nigerian students pursuing higher education.

Here’s how Nigerian students benefit from this law:

Access to Higher Education: The establishment of the Education Bank aims to provide easy access to higher education for all Nigerians.

Interest-Free Loans: Students can take advantage of interest-free loans to pursue their educational goals at a more affordable price.

Financial Aid: This loan helps cover tuition, living expenses and other education-related expenses for students studying in Nigeria or abroad financial aid for international students

• Who is eligible for student loans?

Student Loan Eligibility:
To be eligible for these loans, Nigerian students must meet certain criteria such as:

Nigerian Citizenship: Students must have Nigerian citizenship to be eligible for the loan.

Educational Qualifications: Admission requirements may vary, but students generally must meet academic standards set by the education bank.

Admission to Accredited Institutions: Students must have secured admission or be enrolled in an accredited higher education institution in Nigeria or abroad.

What are the credit approval terms?

Credit Approval Conditions:
Specific loan approval terms may be determined by the Nigerian Education Bank, but generally include:

Repayment Schedule: Students may be required to agree to a specific repayment schedule, which may vary depending on factors such as the size and duration of the loan.

Academic Performance: Students may be required to maintain a certain level of academic performance in order to remain eligible for a loan or to qualify for a subsequent loan.

How do I apply for student loans?

Credit Limits: There may be a maximum amount of credit a student may borrow under this program.

When and how can students repay their loans?

Student Loan Application:

To apply for student loans under this program, students may need to complete the following steps:

Gather Required Documents: Students may be asked to submit various documents such as: B. Degree Certificates, Letters of Acceptance, ID Cards, Financial Information.

Completing the Application Form: Students must accurately and thoroughly complete the application form provided by the Nigerian Education Bank.

Submission of the application form: The completed application form must be submitted to the competent authorities along with the required documents within the specified deadlines.

Loan repayment:
The exact details of loan repayment will be announced by the Nigerian Education Bank. However, in general, you can pay back in the following ways:

Installment Payments: Students may have to repay the loan periodically over a period of time.

Grace Period: Some loan programs offer a grace period after graduation to give students time to secure a job before they start making repayments.

Loan Forgiveness: In some cases, there may be provisions for loan forgiveness, especially for students pursuing a particular field or contributing to the development of the country. It is important that students and parents contact the Nigerian Education Bank or relevant authorities to obtain the most accurate and up-to-date information regarding student loan programs.

Do student loans cover Nigerian students studying abroad?

No, Nigerian student loan laws do not cover Nigerian students studying abroad. If you want to study outside Nigeria, you should consider other student loan options. However, we are happy to assist Nigerian students in obtaining loans for their master’s degrees in the United States and Canada. If you are interested in studying in the United States or Canada, you can start applying for international student loans by clicking here.


If the student loan law is effectively enforced, education will be accessible to ordinary Nigerians. However, some questions come to mind.

What will the new tuition fees for public universities look like?

  • Can households just over 500,000 Naira per year (42,000 Naira per month) afford the new tariff?
  • Will Nigeria have enough Universities and Colleges to accommodate students when demand increases?
  • I guess we’ll just have to wait and see until we find an answer.

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