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Nigerian Students Loans Board : How To Apply For Students Loan And Requirements

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Nigerian students loans board

INTRO

Many have always berated the government for not helping students having financial difficulties in school in comparism with student’s loan and grants available to students in developed countries. Nigerian students facing financial difficulty in school engage in strenuous ways of getting money by engaging in menial jobs like bricklaying, sales boy, part time teaching etc. in making ends meet which takes toll on many and affects the academic performance of many.

The essence of this write up is to guide students on the processes and requirements involved in securing the Nigerian Students loans board scheme. While many of the scholarship schemes available for Nigerian students have a lot of requirements ranging from levels, cumulative grade point average (CGPA), state of origin and faculty. These requirements and other more make most students lose interest in pursuing many scholarship scheme opportunities, some even don’t bother to check the requirements as they had tried many in the past and never got shortlisted.

Nigerian students loans board

Nigerian students loans board

The Nigerian students loan board scheme is a scholarship available to prospective Nigerian tertiary institution student, a freshman or students already in school (Returning students) irrespective of their course, faculty, level, cumulative grade point average (CGPA), state of origin and others. All students have equal opportunity in a level playing ground.

In order to assist students, Allschoolsinfo have put down the list of necessary things to do in order to enjoy the student loan by the Federal government of Nigeria under the Federal Ministry of Education, Science and Technology.

The Nigerian Students Loan Board is a committee set up by the Federal government of Nigeria under the Federal Ministry of Education, Science and Technology vested with the responsibility of assisting students in Nigeria to access soft loans in furthering their education.

Please read through and thorough the requirements and guidelines for successful application for the Nigerian Students Loans Board.

HOW TO APPLY FOR THE NIGERIAN STUDENTS LOANS BOARD SCHEME

For students interested in applying for the Nigerian Student Loan Board Scheme, the opportunity is announced annually on Television stations and popular national dailies, interested candidates are advised to stay tuned and be informed to be able to benefit. The Nigerian students loans board scheme for this year would have commenced but it is most likely delayed by the corona-virus pandemic but hopefully when higher institutions in Nigeria resumes, the Nigerian student loan scheme will commence. But in the meantime, interested candidates are advised to get their required documents ready before the commencement of application.

Candidates are to follow the following processes after the placement of advert either on television, newspaper or online by the Nigerian student loan board, you are advised to go through the eligibility before initiating the application process.

If you find yourself eligible after going through the requirements, follow the processes below to kick start your application.

  1. Visit the DSA (Office of the Dean of Student Affairs in your school) and obtain the Nigerian student loans board form
  2. Fill the form appropriately by providing necessary information.
  3. Attach all documents required, you can seek help from your fellow students on guidelines or use the comment box to reach out for help.
  4. Proceed to make required payments for processing and others.
  5. Submit your filled form with attachments and other required documents to DSA (Office of the Dean of Student Affairs) under the given time frame.
  6. The form which then will be in turn processed by the staff of student’s loan task force.
  7. The loan application forms will then be received by the record officers of the student’s loan scheme offices.

ADMINISTRATIVE PROCESSES

  1. After successful application, all received application forms are recorded t the mail registry and forwarded to operations unit which are the loan officers for assessment and recommendation.
  2. Incomplete applications will be contacted through SMS, telephone call and most likely an e-mail.
  3. A list of pre-selected applicants will be generated and sent to Head of Operations for evaluation, verification and further recommendation to the coordination for approval.
  4. Next the coordinator presents the approved list to the selection committee
  5. After approval by the selection committee, the coordinator then forwards the approved list to Head Operations and Finance for implementation.
  6. The implementation stage includes:
  7. Authorization by appropriate bodies
  8. Publishing the names of students whose loans has been approved on national dailies, the ministry website.
  9. Drafting of award letters of each student for the coordinators signature to be appended on it.
  10. After implementation, successful applicants will be reached to inform them of the committee’s decision and the amount of loan approved to them.
  11. The board for the final time will go through the application pool to select suitable beneficiaries and hen allocate a student loan identification number to each approved applicant and an ID card is also issued to that effect.
  12. The funds (loans) which covers tuition and functional fees is then disbursed to the Nigerian Education Bank where students receive their approved loans.

ELIGIBILITY FOR THE NIGERIAN STUDENTS LOANS BOARD

The following criteria must be met before a student or prospective student can apply for the Nigerian student loan board scheme:

  1. Applicants must be a Nigerian either by birth or citizenship
  2. Must be a student or have been offered admission by a Nigerian university recognized by the National Council for Higher Education and also pursuing an accredited program.
  3. Be of age.

DOCUMENTS REQUIRED BY THE NIGERIAN EDUCATION BOARD (NEB) IN APPLYING FOR THE NIGERIAN STUDENTS LOANS BOARD

The following documents are required by the Nigerian education board from students for verification and documentation. Applicants are advised to provide these documents where required and ensure no mistakes are made.

  1. Open and education account
  2. Have available and be ready to present previous copies of academic documents.
  3. An ID card or any document to identify the applicant.
  4. Admission Letters from both JAMB and your tertiary institution.

See how to print JAMB admission letter here: How to Print Your JAMB Admission Letter 

How to Check JAMB Matriculation List for Newly Admitted Students. 

  1. Three recent passport photographs
  2. Scheduled of prescribed school fees.

BANK REQUIREMENTS FOR OPENING OF EDUCATION ACCOUNT

The student education account is not like every other account, most banks have their requirements, you are advised to visit your bank ask for their requirements. It is worthy of note that the Nigerian Education Board accepts all banks in Nigeria for the Nigerian student loans board. Below are few of the things we think your bank might require:

  1. Recent passport photograph
  2. Utility bill
  3. ID card: For the ID card, your school ID card should be enough if you have been issued an ID card, if not, you might have to provide either of National ID card, International passport, Voters card or Driver’s license.
  4. Processing fee.

PROCESSING FEE

As of the last time of application, applicants were required to pay a sum of N2000 (Two thousand Naira only) which is the amount required in opening of account.

LOAN RANGE

Since the loan is targeted at undergraduates, it is therefore designed to serve as a debt burden and this falls between the range N24000 TO N32000 as of the last time of approval.

LOAN REPAYMENT: The loan is interest free (0% interest) and requires no collateral to access.

THE NIGERIAN EDUCATION BANK.

The Nigerian Education Bank (NEB) is set up to help Nigerian students in all academic levels through granting of soft loans like the Nigerian student loans board and other scholarship schemes. You can reach the board directly through any of the contact medium below.

ADDRESS:

Nigerian Students Loans Board,

Block 493/494, Zone 7, Wuse,

PMB 11, Abuja, Nigeria

Phone Number: +234 9-5321059, 5321704

See here for information from the federal scholarship education board.

CONCLUSION

The process involves in applying for the Nigerian student loans board has been fully explained as above, students are advised to go through it thoroughly before applying. It requires no input of any agent and does not require any other additional fees in accessing apart of the said processing fee required by the banks.

We believe this write up helps you in accessing the Nigerian students loan board soft loan, you can reach us by using the comment box for further clarification and guidance and do feel free to use the comment box below to share your views with us and also use the share buttons to share this friend with your friends on Facebook, Twitter, WhatsApp, Telegram and others.

Thank you for reading we do hope you will tell your friends about this.

We wish you good luck as you apply for the Nigerian student’s loan board.

 

 

Hi, I'm Ogundare Abdulahi, an educator, content developer and web programmer. I love helping people and disseminating information. At my leisure time, I like reading and surfing the web.

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