How to Properly Apply for The Federal Government Student Loan in Nigeria |Golden News

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ELIGIBILITY

Family Income: Applicants should come from families with an annual income of less than N500,000.
Guarantors: Applicants are required to provide two guarantors who must be civil servants with a minimum of level 12 years in service, or a lawyer with at least 10 years post-call experience, a judicial officer, or a Justice of Peace.
Previous Loan Defaults: Students whose parents have defaulted on previous loans will not be considered for the Federal Government Student Loan.
Financial Integrity: Applicants must not have defaulted on any previous loans and should not have been found guilty of exam malpractice, felony, or drug offenses.

Once the eligibility criteria are met, prospective applicants can proceed to apply for the loan by submitting the necessary documents to the Student Affairs Office of their respective institutions.

It’s important for interested individuals to stay updated with official sources and guidelines from the relevant government agencies to ensure accurate and current information when applying for the Federal Government Student Loan.

Required Documents:

List of documents that should be submitted to the Student Affairs Office of your institution:

A completed application form
A copy of your admission letter
A copy of your JAMB result slip
A copy of your WAEC/NECO result certificate
A copy of your birth certificate
A copy of your passport photograph
A guarantor’s letter of support from each of your two guarantors
A copy of your guarantors’ employment letter(s)
A copy of your guarantor’s passport photographs

The Student Affairs Office of your institution will review your application and make a recommendation to the Central Bank of Nigeria (CBN).

How to apply for Federal Government Student Loan in Nigeria:

Here are the steps that will guide on how to apply for the Federal Government Student Loan in Nigeria:

Visit the website of the Central Bank of Nigeria (CBN) and download the student loan application form.
Complete the application form correctly and make sure to attach all the required document
Submit the application form and the correctly attached documents to the Student Affairs Office of your institution.

Note that

You will be required to repay the loan over a period of 10 years after completion of your studies.
The law stipulates two years imprisonment or a fine of N500,000 ($650) or both for students who default in repayment, or anyone found aiding defaulters.

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