Federal Universities Student Loan

The Federal Universities Student Loan commenced in Nigeria in 2024, this is a significant stride to enhance access to higher education in all States in the federation. If you are interested, see the student loan Requirements, Eligibility candidates, application portal, How to Apply, and the closing deadline.

Nigeria’s President Bola Tinubu has recently signed the Students Loan Bill into law, the loan will cover only tuition fees, it does not include accommodation and other expenses. All Nigerian students who are enrolled in Federal Universities, State Universities, polytechnics, and colleges of Education are eligible to apply for the Student loan.

However, The Federal Universities Student Loan is aimed at helping non-privileged who do not have access to higher education or students who are challenged or have difficulties in completing their education or career.

Do not hesitate to take this golden opportunity if you are a student, the State Government Student Loan is interest-free. Qualified applicants will be invited immediately for verifications, continue reading till the end to see where to apply.

Who is Qualified to Apply for a Federal University Student Loan?

All Nigerian indigent Federal university students seeking financial help to pursue their education. The Act states that the student’s or family’s income must be less than N500,000 yearly to be qualified for the loan.

What You Should Know About the Federal Universities Student Loan

It is an interest-free loan for indigent Federal university students in which beneficiaries will repay the exact amount collected.
ATBU student loans are for poor students seeking higher education in public universities, polytechnics, and colleges of education in the country.
All indigent students have equal rights to access the loan without any discrimination arising either from gender, religion, tribe, position, or disability of any kind.
Only accessible to Nigerian students and it’s just for tuition fee payment.
Student family income must be less than N5000,000 per year
Loan repayment is two years after completing the National Youth Service Corps (NYSC)
The loan repayment method shall be facilitated through a direct deduction of 10% of the beneficiary’s salary every month.
Defaulters of the loan repayment shall be upon conviction liable to a fine of N500,000 or imprisonment for 2 years, or both.

Eligibility Criteria and Requirements

Must be a Nigerian
Must be a registered ATBU student
NIN
Must present two guarantors, a civil servant with at least 12 years in service and a lawyer who is at least 10 years of post-call
Candidates must have FSLC, WAEC, NECO, or NABTEB/GCE
Computer literacy is pertinent for all applicants
proficiency in oral and written English Language
University admission letter
JAMB UTME Result
LGA certificate
State of origin certificate

How to Apply for Federal University Student Loan 2024

Visit the official Federal Universities loan application portal
Navigate to the Student Loan menu.
Supply your academic details.
Complete the form with your details and upload the required documents.
Submit your application

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What is the Federal Universities Student Loan Act?

According to the Act, The beneficiaries of the Federal Universities Loan are to commence paying back the loan two years after completion of the one-year mandatory National Youth Service Corps (NYSC). The education loan fund will work with the student and their employers to deduct the funds from the beneficiary’s monthly salary.

Does Nigeria have student loans?

Nigeria’s President Bola Tinubu has recently signed the Students Loan Bill into law, assented to the Access to Higher Education Act (2024), providing legal backing for the Education Loan Fund, which would provide “students with loans to pay tuition in public tertiary institutions.”

Ensure using your correct details and make sure you meet the above requirements before applying. Successful applicants will be called and undergo a screening exercise.

However, to not miss out on the latest updates regarding Federal Universities Student Loans and How to Apply in 2024, bookmark this page or give us a message using the comment box. Thanks. Good Luck!

Author

Michael

This post is authored by Michael Offiong, an Editor of Recruitment Portfolio. Boasting over a decade of expertise in the recruitment sector, Michael provides up-to-date information on jobs and recruitment topics, career opportunities, and breaking news stories.

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