FUTO Student Loan Application

The Federal University of Technology, Owerri Student Loan is still available. Do you wish to apply? See the FUTO Student Loan Requirements, Eligibility candidates, application portal, How to Apply, and the closing deadline.

The FUTO Student loan is an interest-free loan, you pay back exactly what you collected. It is missioned to facilitate Access to Higher Education in the country thereby, providing legal backing for the Education Loan Fund.

Students who need a helping hand in funding their education can easily access the FUTO Student Loan. However, continue reading to the end to see where to apply.

FUTO Student Loan Application Portal

The management of the Federal University of Technology, Owerri has declared the FUTO student loan application portal open and is still active to enable non-privileged students who do not have access to higher education or students who are challenged or have difficulties in completing their education or career to apply.

The FUTO student loan will cover only tuition fees, it does not include accommodation and other expenses and every student from level 100 – 400 can apply. Visit the FUTO student portal via www.futo.edu.ng.

Who is Qualified to Apply for a FUTO Student Loan?

All Nigerian indigent FUTO 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 FUTO Student Loan

It is an interest-free loan for indigent FUTO students in which beneficiaries will repay the exact amount collected.
The student loan is 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 FUTO 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
Must have any of the O’level certificates such as 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

Visit the official FUTO Student loan application portal via www.futo.edu.ng
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 FUTO Student Loan Act?

According to the Act, The beneficiaries of the FUTO Student 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.

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 the FUTO Student Loan Application Portal 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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