How to get a student loan in Nigeria


How to get a student loan in Nigeria

How to get a student loan in Nigeria- Getting loans generally may not come at arm’s length most times, it becomes increasingly difficult where the lender envisage a possibility that such loan may not be repaid within a short time or the ability to repay such loan appears slim.

Given this, student loans are not offered by as many financial conventional lenders in town, instead salary advance, SMEs and short term personal loans form the bulk of loans one can easily access through local lenders.

In this case, a few financial institutions in Nigeria find it pertinent to cater for the educational needs of students who must fall back to extra finances to fund their academic pursuit.

Today, I will show you not just how to get a student loan in Nigeria, rather you will learn where to get these loans since they aren’t an everyday go get offer like any other financial service you may think of.

I’ve shortlisted a list of home grown financial institutions that offer education loan to students, take your time study each, then draw a conclusion on who meets your academic funding option.

GTBank “School Fees Advance”

GTBank education loan is referred as the “School Fees Advance,” a facility designed to finance the payment of your child’s/ward’s school fees basically, beneficiary institutions are limited to Nigerian schools only.

If you are a member of staff who work in a reputable public or private organization whose salary is domiciled with GTBank you are one foot qualified to apply for this loan.

The bill is paid either by direct transfer to the school’s bank account or by raising a draft in the name of the school.

Additionally, public sector employees are expected to have a minimum monthly salary of N25,000 and N50,000 for private sector employees, your terms of employment must have certified that you are a confirmed staff of the organization.


  • Obligor can access up to N5 Million to pay for school fees though N1 million per student at a time, minimum loan amount of N50k with a maximum tenor of 4 months per request
  • It has a competitive interest rate
  • Fund disbursement is swift on loan approval

How to apply

  • You will need to submit completed application form and employment undertaking form
  • Provide school fees bill and Credit insurance
  • Ensure that staff terminal benefit is domiciled in GTB bank or obtain corporate Guarantee

Access bank “Advance for School Fees”

If you are in need of affordable loan to cover educational expenses, the Access bank Advance for school fees  have you covered.

This facility offers short term financing for tuition fees from pre-primary school to post-graduate study and even payment for professional certification. Suitable for an all-round academic purposes.


  • The interest rate is pegged at 2% per annum
  • Management fee of 1% only without hiden fees
  • You can spread repayment over a period of 4 to 6 months
  • Paying bill to the school is relatively easy and swift
  • There’s a window for refinancing.


  • Duly completed loan application form
  • Means of identification advised which could be either (National ID, voter card, driver’s license or international passport), work-place ID card may be required in addition.
  • Student/pupil admission letter
  • Tuition bill
  • Credit checks
  • Duly accepted offer letter and term sheet.

Loan processing

  • Download and complete loan form with accurate information
  • Append your electronic signature (you can do this by simply downloading any scanner app on your phone, scan your signature and save as image, copy and paste the image on the form)
  • Submit completed form with all relevant documents at your branch
  • Loan is being processed for approval, once approved offer is communicated to you for acceptance
  • Having received the executed offer letter, the loan is disbursed into your account and payment is made to the school.

FCMB “Get them back to school with no hassles”

The FCMB “Get them back to school with no hassles” facility is a full fledge loan that doesn’t just cater for home grown schools, instead extends for Nigerian students for schools abroad.

FCM has designed various seamless means through which you can remit payments/bills without compounding any kind of stress on you.

The FCM education loan scheme is divided into five categories.

Easy access to loans and credit – Here you can apply for an instant loan by dialing *329# to get a salary plus loan or pay back to school bills with your FCMB Credit Card.

Conveniently pay school fees on the go- You can now skip the queue and pay school fees via FCMB Mobile App from the comfort of your home, your transaction receipt is readily available right on the app.

Exclusive discounts on international flights and tickets – Through the FCMB network of partner Airlines, the bank offers you exclusive discounts on international flights to more than 20 destinations.

You enjoy discounts by booking directly through FCMB with Virgin Atlantic, Etihad, Lufthansa and Ethiopia Airlines.

Apply for forex from the comfort of your home – You can now request for forex for your PTA/BTA, education and other remittances from the comfort of your home and pick it up at the nearest branch of your choice.

Get back to school with FCMB debit and prepaid card – With your FCMB debit card (visa or MasterCard), you stand to spend up to $5,000 or its equivalent every month, anywhere in the world.

Purchase, load and use FCMB reloadable Mastercard or VISA prepaid cards for payment of school fees, subscriptions and pocket money administration, available in Naira, Dollar and Euro. 

Wema “School fees advance”

The Wema Bank “School fees advance” is a facility designed to finance the payment of your child’s/ward’s school fees for schools/institutions in Nigeria and the diaspora. The facility is available to salaried parents/guardians and self-employed individuals.


  • It has a minimum facility amount of N50,000
  • Maximum facility amount of N10,000,000
  • It has a maximum tenor of 3 months for nursery/primary and secondary schools, and maximum tenor of 12 months for tertiary institutions per request.
  • The tuition fees will be paid directly to the school, this will less burden on you


  • A completed school fees advance application form, this is aimed to determine the employment status of the parent/guardian
  • Irrevocable letter of domiciliation from the employer, here’s to ensure that the parent/guardian salary will remain with Wema bank throughout to liquidate the advance.
  • Invoice of the school/tuition fees
  • Proof of identity/valid ID (national ID, voter card, driver’s license or international passport in addition to employment ID.
  • Utility bill/proof of address
  • Pay slip for the last 3 months
  • Salary statement of account for the past 6 months for customer whose salary is not domiciled with Wema bank
  • Admission letter from the school for diaspora institutions.

Federal government education loan

It’s the inherent responsibility of a government to ensure that education is accessed at seemingly affordable rate by every citizen.

Paying particular attention to this aspect, the Nigerian government has approved the establishment of certain banks known as education banks and student loan boards by various states at low interest rates to help students with due access to funds seamlessly.

To this end, there’s a special regard to funding teachers development and secondary education, wherein a special intervention is being established too for individuals with special needs.

First bank student loan

The First bank student loan better referred to as FirstEdu loan is an initiative by First bank of Nigeria, an educational solution designed to enhance learning facilities.

With the growing number of private schools, this loan is tailored to meet their funding needs.


When you think of “How to get a student loan in Nigeria,” four basic financial institutions will come to your aid namely as cited in this guide.

  • GTBank
  • Access bank
  • FCMB and
  • Wema bank.

Rest assured I’ll get you updated with more subsequently to diversify your list of prevalent options in education loan in Nigeria.

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