How to Apply for Student Loans in Nigeria 2023

The pursuit of higher education comes with financial responsibilities that can be burdensome for many students. While scholarships may be available, not all students qualify for them, making student loans a viable alternative for financing their education. This article aims to provide an in-depth guide on accessing student loans in Nigeria, focusing on the criteria, and application process, and specifically exploring the student loan offerings by Access Bank.

Student Loans in Nigeria

In Nigeria, the importance of education is recognized, and to enhance access to higher education, President Bola Tinubu recently signed the Students Loan Bill into law. This transformative legislation not only makes education more affordable but also establishes a clear and streamlined application and documentation process.

A student loan is a borrowed sum of money from the federal government, aimed at covering tuition fees for tertiary education. Unlike traditional loans, student loans in Nigeria do not accrue interest. The intention is for students to repay the loan once they enter the workforce.

How to Apply for Student Loans in Nigeria

Prospective students interested in applying for student loans in Nigeria need to follow specific steps to initiate their applications. These steps typically involve submitting applications through designated banks, along with a comprehensive set of required documents. While the exact process may vary depending on the institution and bank, the general steps are as follows:

  • Research Loan Options: Begin by researching different loan options available in Nigeria. Understand the terms and conditions, repayment plans, and interest rates associated with each option.
  • Fulfill Eligibility Criteria: Ensure that you meet the eligibility criteria outlined in the Students Loan Bill. These criteria usually include securing admission into an accredited Nigerian university, polytechnic, college of education, or vocational school established by the Federal Government or any state government. Additionally, your individual or family income must not exceed N500,000 per annum.
  • Gather Required Documents: Collect all necessary documents, which typically include academic transcripts, admission letters, valid identification cards, proof of income, and other supporting documentation specified by the lending institution.
  • Find Suitable Guarantors: Identify at least two guarantors who meet the specified criteria. Guarantors can be civil servants at level 12 or above, lawyers with a minimum of 10 years of post-call experience, judicial officers, or justices of the peace.
  • Complete Application Forms: Obtain the application forms from the designated bank or lending institution and fill them out accurately and completely. Provide all required information, ensuring its correctness and relevance.
  • Submit Application and Supporting Documents: Compile the completed application forms and attach all the necessary supporting documents. Submit them to the designated email address or physical location provided by the lending institution.

Loan Processing and Evaluation: Once your application is received, the lending institution will initiate the loan processing procedure. This may involve credit checks, document verification, and an assessment of your repayment capacity. Be prepared to provide any additional information or documentation if requested.

Criteria for Student Loans in Nigeria

To be eligible for a student loan in Nigeria, prospective students must meet the conditions outlined in Section 17 of the Students Loan Act. These conditions are as follows:

  • Admission into Accredited Institutions: Applicants must have secured admission into Nigerian universities, polytechnics, colleges of education, or vocational schools established by the Federal Government or any state government.
  • Income Limit: The applicant’s individual or family income must not exceed N500,000 per annum.
  • Guarantors: Each applicant must provide a minimum of two guarantors. Guarantors must be civil servants at level 12 or above, lawyers with a minimum of 10 years of post-call experience, judicial officers, or justices of the peace.

Meaning of the Student Loan Bill

The Student Loan Bill is legislation enacted in Nigeria to facilitate easy access to education by providing funds for tuition fees without any interest attached. The implementation of this bill is crucial for the successful execution of student loan programs, ensuring that students can repay the loans once they start working.

Who is Qualified to Apply for Student Loans?

According to the Students Loan Act, all students who have secured admission into any public Nigerian university, polytechnic, college of education, or technical and vocational education and training (TVET) school are eligible to apply for the loan. The act specifies that the student’s or family’s income must be less than N500,000 per annum to qualify. Additionally, applicants must provide at least two guarantors, such as civil servants at a minimum level 12, lawyers with at least 10 years of post-call experience, judicial officers, or justices of the peace. Students whose parents have defaulted on previous loans will also, not be eligible.

How to Get a Student Loan from Access Bank

It is important to acquaint yourself with the eligibility criteria provided by Access Bank to enhance your chances of qualifying for Access Bank’s student loan program. By meeting these requirements, you can establish yourself as a promising candidate for their loan program. The Access Bank Student Loan offers the following notable features:

  • Loan Amount: Parents or guardians can borrow up to N5 million to cover various educational expenses such as school fees, books, accommodation, and related costs.
  • Repayment Period: Access Bank offers a repayment period of up to 6 months, providing flexibility for borrowers to manage their finances effectively.

Follow these simple steps to get your student loan from Access Bank:

  • Begin by downloading the application forms provided by Access Bank. These forms contain fields for inputting personal and financial information required for the loan application.
  • Fill in the forms with accurate details, ensuring that all the information provided is correct and up-to-date. Double-check the forms before proceeding.
  • Then add your electronic signature to the forms. Scan your physical signature using a scanner app on your phone, save it as an image file, and paste it onto the appropriate section of the form requiring your signature.
  • Email the completed forms and all necessary documents to the designated email address provided by Access Bank. Ensure that you attach all the required documents to the email.
  • After submission, Access Bank will review your application, verify the provided information, and assess your eligibility for the student loan. This process may involve credit checks, document verification, and evaluating your repayment capacity.

Remember that the application process and specific instructions may change, so it is essential to contact Access Bank directly or visit their official website @ https://www.accessbankplc.com for the most accurate and up-to-date information.


Student loans aim to provide convenient access to education, allowing them to complete their studies without financial friction. In Nigeria, some financial institution offers students the grace to repay the loans once they commence their employment. Therefore, when contemplating student loans, it is essential to have a comprehensive understanding of the loan terms, gather ample information, and assess the various features available.

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