FG Releases Conditions for Student Loan Scheme
The Nigerian Federal Government has implemented new conditions for the Student Loan Scheme to improve access to education without financial barriers. This initiative is partly funded by the Education Tax collected by the Federal Inland Revenue Service (FIRS) and aims to revolutionize educational funding.
FIRS Chairman, Dr. Zacch Adedeji, emphasized the commitment to a fully automated application and loan processing, ensuring efficiency, and transparency.
Applicants must submit their Joint Admissions and Matriculation Board (JAMB) registration number to verify their educational background.
The scheme requires applicants to provide their date of birth to confirm eligibility and age criteria.
Applicants need to provide their National Identification Number (NIN) to confirm Nigerian citizenship and eligibility for the scheme.
Prospective candidates are required to provide their Biometric Verification Number (BVN) for financial inclusion and seamless fund access.
Successful applicants will need to provide their matriculation and admission numbers to streamline the allocation of funds to their enrolled institutions.
Upon approval, the fees will be transferred directly to the applicant’s enrolled institution, expediting financial support.
Empowering Educational Aspirations
The Student Loan Scheme, established in June 2025, aims to support educational aspirations with transparent, accountable, and efficient funding, ensuring equal opportunities for higher education. This initiative represents a significant stride towards liberalizing education funding in Nigeria.
FAQs
What are the eligibility conditions for the new student loan scheme released by the Federal Government?
The Federal Government has stated that applicants must be students of recognized public higher institutions in Nigeria and must come from families with an annual income of less than a certain threshold. Additionally, students must have secured admission and provide valid documentation, including their admission letter, means of identification, and guarantor details.
Will students be required to provide guarantors before accessing the loan?
Yes, the conditions released by the Federal Government specify that each applicant must present guarantors. These guarantors may include civil servants of a certain grade level, legal practitioners, or judicial officers who can stand as surety for the repayment of the loan after the student graduates.
When will repayment of the student loan begin under the new conditions?
Repayment will commence two years after the beneficiary completes the National Youth Service Corps (NYSC) program. The repayment plan will be structured in such a way that deductions are made directly from the graduate’s salary or income source, ensuring compliance without burdening the individual immediately after graduation.
Does the student loan cover all expenses or just tuition fees?
The Federal Government has clarified that the student loan is designed primarily to cover tuition fees in public tertiary institutions. However, there are ongoing discussions about whether it may be expanded to cover other educational expenses such as accommodation, books, and living costs, depending on future reviews of the scheme.
