Student loan: Accessing and repayment loan, all you need to know


To qualify for the Student loan, Applicant income of Family income must be less than 500,000 per annum.

Two guarantors- Civil servants not less than level 12, A Lawyer with at least 10 years post call, a Judicial officer or Justice of Peace.


Beneficiaries must commence repayment 2 years after NYSC.

10% of Salaries when you’re employed, direct debit from employer.

If you’re self employed, 10% of profit.

• How will the self employed pay. Is it going to be deducted like NIRSAL loans or bank loans?

✓ There would be establishment of Nigeria Education Fund which will be domicile of student loan from start to finish.

• Will the person will spend all his life repaying debt?

✓ It is interest is not compulsory you take it, their parents can pay their feeds if they have it..

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