Eligibility for The Nigerian Student Loan Programme

To be eligible for a student loan in Nigeria, applicants must meet the following criteria:

You Must Attend A Federal Or State Owned Institution
You must be a student of a university, polytechnic, college of education, or vocational school established or owned by the federal government of Nigeria or a state government. This student loan is not available to students who are schooling or seeking admission into a private university or private polytechnic, or college of education in Nigeria are not eligibile for this student loan.

You Must Earn Less Than 500K Per Annum
The student's annual income or his family income should be less than 500,000 Naira per annum. This means if you makes less than 500, 000 naira in a year you can apply for the loan even if your entire family income is more than the half a million naira. If you come from a rich home or a well-to-do family and you apply, chances are your application will be turned down because of your family's financial status. The student loan is mainly for the those who can not afford to sponsor themselves for tertiary institution.

You Need 2 Guarantors
Provide at least two guarantors who meet some specific requirements such as providing a civil servant who has been in service for at least 12 years or a practising lawyer with 10 years of practising experience after his or her call to bar. You can also provide a judicial officer or a Justice of Peace to stand for you.

Those Not Eligible For Student Loan In Nigeria

The following students are not eligible for the student loan program:

Students Guilty Of Examination Malpractice
Students found guilty of examination malpractice. Once you have been caught cheating either in secondary school or at the tertiary level and you have been found guilty of this you are not eligible for the student loan. If you are on a student loan and you are caught cheating you will be removed from the scheme and still pay the amount that has been spent on your tuition after your National Youth Service Corps.

Loan Defaulters
Students who have previously defaulted on any loan. Once you have been blacklisted by any loan app before or you are owing an organisation and defaulted you are not eligible for this student loan even if you pay back. As long as the evidence of your defaulting still exists you are not eligible and it is discovered.

Dishonest People
Students convicted of felonies or dishonest practices such as fraud. The student loan scheme is to be beneficial to patriotic Nigerians who value honesty and are not greedy or involved in fraud including electronic wire fraud. Convicted Yahoo boys are not eligible for the student loan.

Drug Offenders
Students convicted of drug offences Students who have been convicted of drug offences are not eligible for the student loan. This bill will also discourage young adults from doing drugs.

Children Of Student Loan Defaulters
Students whose parents have defaulted on the payment of student loans. If either of your parents has defaulted on student loans before, the chances that you will be denied the student loan is very high. This is why it is good to pay back whatever you owe someone.

When Student Loan Are Disbursed In Nigeria
30 days after the close of admission in each school, it is expected each school will forward the student loan application to the Nigerian Education Bank (NBE). The bank will then spend the next 30 days reviewing the student applications and disbursing the student loan to the applicant through the school. This implies that the student loan will be disbursed the latest 30 days after each Federal and State tertiary institution closes admission each session.

Penalty For Defaulting Student Loan In Nigeria
Refusing to pay your student loan is a bad idea. If you default in making payment for your student loan or you aid such a person and are convicted you can be sentencced to 2 years in jail or pay a fine of five hundred thousand naira. You may be fined and still sent to jail as well. Also, chances that your children will not be able to get the student loan when they want to enter tertiary institution is very high.

Source: [url=factsfromlagos.com]