If you have ever heard about Nigerian Students Loans Board you would understand the role they play in giving out loans to students in need.
Most students nowadays resolve to loans due to the financial challenges being faced in their various homes.
We are bringing this article to your notice because not many are aware of the fact that they are eligible to apply for student loans even when they feel they aren’t. Some students back out of this when they imagine the steps and procedures that they would undergo in the process of securing their loans, in my opinion, this should not stand as a stumbling block, always remember the saying “when the going gets tough, only the toughs get going”.
We have simplified the means and procedures to be followed on how to apply for student loans in Nigeria, most especially with the federal government establishment under the ministry of education known as the Nigerian student Loans Board (a committee set up to assist students acquire soft loans for their education), also included are the requirements and processing fee required by each applicant.
Here you would be able to decipher your eligibility and required documents to be presented during this application and approval stages.
How To Apply For Student Loan With The Board
To apply for student loans in Nigeria, applicants are advised by the board to watch out for when the Nigerian Student Loan Board places an official advert in the major print medias of national coverage calling eligible students to apply for student loans, it is structured that way to application for loans and all other processes can move in a sequential manner and list of approved applications would also be released at the same time.
After an advert is placed either through print medias or online, eligible students then apply to the Board for the loan or scholarship by following the steps as seen below:
STEP 1: Obtaining and filling in application form from Universities (office of the dean of students);
STEP 2: Attach all required documents; and
STEP 3: Make all necessary payments
STEP 4: Submit application within a specified time frame to the office of the
Deans of Students.
STEP 5: The forms shall then be collected by the staff of Students Loan Task force.
STEP 6: Loan Application Forms shall then be received by the Records Officer at the Students Loan Scheme offices.
Please note that received application forms shall be recorded at the Mail registry and forwarded to the Operations Unit (Loan Officers) for assessment.
In this case any forms that are defective the applicant shall be informed through e-mail, SMS message or by telephone.
Then a list of successful applicants shall be generated and sent to the Head Operations for verification, and evaluation and recommendation to the coordinator for approval.
The coordinator then presents the approved list to the Selection Committee for discussion and final approval.
If approved by the selection Committee, the Coordinator then forwards the list to the Head Operations and Finance for the implementation.
Usually, the Implementation stage includes the authorization, publishing of the list of students whose loans are approved by the committee in the print media and on the Ministry website and drafting of the award letters for the Coordinators to append his signature.
The successful applicants are then informed of the Committees decision and the amount allocated.
The board shall then go through the applications to select suitable beneficiaries, upon selection of the beneficiaries, the Board then allocates a student loan identification numbers to each approved applicant and ID card (Identification cards) shall be issued and the funds in respect to the tuition and functional fees will be forwarded to the Nigerian education bank which is where the students receive his or her loan.
Who Is Eligible To Apply For Student Loans With Nigerian Students Loans Board?
Firstly, applicants must be a Nigerian student either by birth or citizenship.
Secondly, applicant must already be seeking to pursue higher education in an accredited institution of higher learning recognized by the National Council for Higher Education and also pursuing an accredited program.
Required Documents To Be Presented For Application For Students Loans In NEB (Nigerian Education Board)
The various Banks in Nigeria have their requirements from student before an account can be opened for this purpose, but the following under-listed may however be described as the general requirements that would most likely be required by the bank from students applying for this category of loans.
- Firstly, the candidate would be required to open an education account with his or her preferred bank and would be expected to deposit a processing fees for the loan in the account you opened
- Secondly, applicants would have to present copies of previous academic documents
- Thirdly, a copy of an admission letter from the institution of higher education must be presented
- Fourthly, copy of a document identifying the applicant:
- Three recent passport photographs.
- Chart or schedule of prescribed school fees.
You would be required to pay a sum of 2000 Naira by each applicant, this is referred to as the processing fee, in other words, it is the amount used in opening the account as stated earlier in the post.
Loan to undergraduate are designed to replace a likely debt burden ranging from NGN 24,000 NGN 32,000.
For more Details you can contact the Nigerian Education Bank.(NEB) directly through any of the contact details below;
P.M.B 11 Garki,Abuja
Phone Number:+234 9-5321059, 5321704
Nigerian Students Loans Board,
Block 493/494, Zone 7, Wuse,
PMB 11, Abuja, Nigeria
The above fee does not in any way attract interest upon repayment, the above process can be completed by you so disregard any individual posing as an agent to the board as the board will not be responsible should there be any mishap
Hope you are clear with the above information? if you have any question(s) on how to apply or make request for loans through Nigerian student loans board, you can either call any of the above number or visit their office if you are a resident of Abuja, you could also send your questions via the comment section below and we shall respond accordingly.
Good luck in your student loan application.