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Does Nigeria Has Any Institute For Getting Loans For Nigerian Students At All? - Education - Nairaland

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Does Nigeria Has Any Institute For Getting Loans For Nigerian Students At All? by SoftThImy1(m): 9:43am On Aug 02, 2015
Please... Am a student of a renowned university in this country... Reading a great course and i do hope when am done, i will be useful not to my family alone but to the society,to the nation as a whole. But i do have a challenge... My parents aint that rich and its actually affecting me and my carrier...financially. Please i wanna ask,does any banks offer loans to undergraduate in Nigeria? Anybody?
Re: Does Nigeria Has Any Institute For Getting Loans For Nigerian Students At All? by dapyd1(m): 10:40am On Aug 02, 2015
There is no standard student-loan facility in Nigeria.
Most commercial banks don't lend to students because :
1. There is no collateral
2. Unlike the developed world where unemployment rates are between 2 and 9%, and therefore likelihood of default is very low. Nigeria's case is opposite, so the lending institutions will almost not get their money back.
3. No adequate database in Nigeria. In those countries, you will be tracked no matter where you work coz everyone is connected to the National grid, here I can collect money finish school and run away start a business and no one will hear anything about me until I'm a millionaire.

All hope is not lost though, please approach your school DSA (division of student affairs).
Most schools have a provision for students like yourself, but don't announce it so that students don't take undue advantage.

As an added bonus, students loans are very bad. Ask those in the US, they end up paying for it all their lives.

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