Nigeria - Guidance To Apply Student Loan (Higher Education Bank)

ProcedureEdit

The process for applying a Student Scheme is as follows

Step 1: An Official Advert in the Media:

The Nigerian Student Loan Board will run an official advert in the major print media of national coverage calling eligible students to apply for loans.

Step 2 Pick the application form:

Eligible student are required to pick the loan application form from the Student Loan Board for the loan or scholarship by:- a). Obtaining and filling in application form from Universities (office of the dean of students); b) Attach all required documents; and c) Make all necessary payments

Step 2 submit the application form:

Submit the application within a specified time frame to the office of the Deans of Students. The forms shall then be collected by the staff of Students Loan Task force for further processing. Loan Application Forms shall then be received by the Records Officer at the Students Loan Scheme offices.

Step 3 Application form is then forwarded to operations Unit for selection and assessment:

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.

Step 4 Approved forms are generated and forwarded to head of operations:

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.

Step 5 Final Approval

The coordinator then presents the approved list to the Selection Committee for discussion and final approval. If approved, the Coordinator forwards the list to the Head Operations and Finance for the implementation. Implementation will include authorization, publishing list in the print media and on the Ministry website and drafting of the award letters for the Coordinators signature.The successful applicants are then informed of the Committees decision and the amount allocated.

Step 6 student loan identification numbers

The board shall then go through the approved applications to allocate loan identification numbers for the select suitable beneficiaries; Then , the Board shall allocate a student loan identification numbers to each approved applicant;then the Identification cards shall be issued;

Step 7 Funds are disbursed to the Bank.

The funds in respect to the tuition and functional fees will be forwarded to the Nigerian education bank.

Required DocumentsEdit

These requirements vary from bank to bank. The following may however be described as the common denominators:

The candidate should open an education account with the bank S/he should deposit a processing fees on your account

i) Copies of previous Academic documents

ii) A copy of an admission letter from the institution of higher education.

iii) A copy of a document identifying the applicant:

iv) Three recent passport photographs.

v) Chart of prescribed fees.

Office Locations & ContactsEdit

Nigerian Students Loans Board - Head Office
Federal Ministry of Education
Block 493/494, Zone 7,
Wuse District,
Abuja, Nigeria.
P.M.B 11
Abuja-Nigeria.
Phone: +234-95231059
Website: Link

EligibilityEdit

i)To be eligible for this loan, a student must come from a home with an annual income of less than US$3,165 a year.

ii)He or she must also have secured admission to any university, polytechnic, college of education or vocational institution established by :the federal or a state government.

iii)Repayment for this loan is in installments in the form of direct deductions of 10% of an employed students salary at source, deducted by the employer and credited to the students loan in the education bank.

iv)For self-employed graduates, a clause in the bill makes it mandatory for beneficiaries to remit 10% of their total monthly profit to the bank.

v)defaulting on the loan by the beneficiaries leads to prosecution , and if any one is found guilty faces prison sentences of up to two years or a fine of US$3,165,is paid in local currency.

vi)Applicants must be Nigerian students 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.

FeesEdit

Processing fee is N 2000 per Students.

Loan to undergraduate are designed to replace a likely debt burden ranging from NGN 24,000 NGN 32,000.

ValidityEdit

This varies basing on the duration of course of applicant.But Usually 2 years repayment after completion of the studies.

Documents to UseEdit

Please attach documents that can be used by people. e.g. links

Sample DocumentsEdit

Please attach sample completed documents that would help other people.

Processing TimeEdit

The time varies as indicated in different adverts. But usually takes 2 months to process the Loan.

InstructionsEdit

i)To benefit from this loan a Student Must have completed compulsory National Youth Service Corps service.

ii)Reimbursement of loans begin two years after students have completed their studies.

iii)Applicants must be Nigerian students ONLY.

iv) Applicants must be admitted to an accredited Higher Educational Institution.

v) Make a written application to the Students Loan Scheme

vi) Submission of application should be within a specified time frame.

vii)Students should apply before commencement date to allow ample time for processing.

viii)Successful loan applicants shall be required to sign the loan agreement.

ix) Re- paying of loan shall be at least one (1-2) year after completion education

Required InformationEdit

i) Full name of applicant

ii) Sex, Age and marital status

iii) Nationality

iv) Education background

v) Details of enrolling institution

vi Details of applicants course to studied at the institution mentioned above

vii) Duration of course

viii) Commencement and end dates of study;

ix) Amount of tuition and other required payment;

x) Bankers of the enrolling institution usually Nigerian Education Bank.

Need for the DocumentEdit

A Student Loan Scheme (Higher Education Bank)was introduced in Nigeria by the National Assembly of Nigeria and Student beneficiaries would receive sufficient funding to pay for their higher education and repayment will be two years after finishing their studies.

There are several sources of funding for the Student Loan Scheme (Higher Education Bank) in Nigeria such as interest arising from deposits in the bank, education bonds, an education endowment fund and 1% of all taxes, levies and duties accruing to the government of the federation from the Inland Revenue Service, Nigerian Immigration Service and Nigerian Customs Service.

The funding also include 1% of all profits accruing to the government of the federation arising from oil and other minerals and all sums accruing to the fund by way of donations, gifts, grants, endowment or otherwise.

Information which might helpEdit

Nigerian banks give education loans to help students fund their education; however most of the loans are given to students studying abroad.

They include

Bank Phb: Gives education loans in alliance with the British Council. The aim is to enable eligible Nigerians study abroad. More information here. Oceanic Bank: Has a Quality Education Plan. More information here.

Skye Bank

NOTE: One of the best ways of getting updated about education loans is to frequently surf the net on student education Loan in Nigeria. You may have to also listen to the mass media frequently for latest information. The same rule applies to other bank promos.

External LinksEdit

http://www.universityworldnews.com/article.php?story=20130531170112939

http://www.jstor.org/discover/10.2307/3447358?uid=3739240&uid=2129&uid=2&uid=70&uid=4&sid=21106797879853

http://www.studyandscholarships.com/2012/04/obtaining-student-loans-nigerians-and-international-students.html#.VBizo1ce4wo

http://nigeria.thebeehive.org/content/88/2777

http://www.internationalstudentloan.com/countries/nigeria.php

http://link.springer.com/article/10.1007%2FBF00138630

OthersEdit

More information which might help people.