FUTO Student Loan

The Federal University of Technology, Owerri management has opened a student loan portal to enable interested candidates for the FUTO student loan to apply. This opportunity is given to all FUTO students from any level of study who are having difficulties paying their tuition fees.

The FUTO Student Loan has no interest attached, beneficiaries will only pay back exactly what they collected. However, see everything you need to know about the FUTO Student loan, how to apply, eligibility criteria, requirements, etc as you read through this article to the end.

Is the FUTO Student Loan Application Portal Open?

Yes, the FUTO student loan has commenced and the application portal is open for applications from qualified and interested candidates. The portal is accessible from anywhere with your smartphone or PC connected to the internet.

Commence your application now at www.portal.futo.edu.ng if you need a helping hand with your academic funding.

Who is Eligible to Apply?

All registered students of FUTO are eligible to apply for loans from level 100 to the final year students.

How Long Does the FUTO Student Loan Last?

The FUTO student loan will last throughout the student’s course duration. The Beneficiary will pay back two years after the compulsory National Youth Service Corpse.

Facts 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 less-privileged or 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 for FUTO Student Loan 2024

Visit the official FUTO Student loan application portal via www.portal.futo.edu.ng
Navigate to the Student Loan menu.
Supply your academic details.
Complete the form with your details and upload the required documents.
And 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 FUTO Student Loan | See Requirements and Application Form, 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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