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How to Get Student Loan in Nigeria [Easy Guide]

where to get student loan in nigeria
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Life can sometimes throw unexpected financial challenges our way, making it difficult to fulfill our educational obligations, whether for ourselves or our children. In such situations, having a backup plan becomes crucial.

This article aims to provide detailed information on major lending institutions in Nigeria that offer student loans, allowing you to access funds for educational purposes.

Whether you’re currently in need or want to be prepared for the future, these lenders can come to your aid. Read on to discover various student loan options available in Nigeria, including those offered by Access Bank, First Bank, GTbank, Zenith Bank, WEMA Bank, Fidelity Bank, and the Federal Government.

1. WEMA Bank School Fees Loan

WEMA Bank offers credit facilities to cover school fees, with a minimum loan amount of N50,000 and a maximum of N3,000,000. Repayment tenure varies depending on the educational level, ranging from 3 months for primary/secondary schools to 9 months for higher education. The loan amount is paid directly to the school upon meeting certain qualification criteria.

2. Access Bank Student Loan

Access Bank’s Advance for School Fees is designed to provide short-term loans for primary, secondary, and tertiary education. Repayment is spread over 4 to 6 months, with an interest rate of 18%. Requirements include a completed application form, a copy of the school fees bill, valid ID card, recent utility bill, and a guarantor for non-customers.

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3. LAPO Microfinance Education Loan

LAPO Microfinance Institution offers loans specifically for primary and secondary school fees. The loan amounts range from N15,000 to N40,000, with a tenure of 8 months and an additional grace period of 1 month. Customers who are members of cooperative unions serviced by LAPO can access this loan.

4. GTBank Student Loan

GT Bank provides a School Fees Advance to help with immediate financial obligations for your child’s education, with a maximum loan amount of ₦5 million. The loan application requires a completed form, an employer undertaking form, and submission of the school bill. Business owners should provide company registration documents.

5. Federal Government Student Loan (Education Loan)

In an effort to further support students in higher institutions, the Nigerian National Assembly passed the Students Loan Bill. This bill seeks to establish the Nigerian Education Bank, which would supervise, coordinate, administer, and monitor student loans in Nigeria.

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The bank aims to ensure equal access to loans for all students pursuing higher education in public institutions, regardless of gender, religion, tribe, status, or disability. The bank would receive loan applications through higher education institutions, screen applicants, approve loans for eligible candidates, monitor academic progress, and facilitate timely repayment.

The Nigerian government offers education loans administered by states at concessionary interest rates. These loans aim to fund education and support teacher development. Individuals with special needs may also benefit from special intervention funds. Visit your local state education board or government website for application details.

6. Fidelity Bank Fast Loans

While not specifically termed a school fees advance, Fidelity Bank offers loans that can be used for contingent needs such as paying school fees. Existing customers with domiciled salaries are favored, and a registration form is available on the Fidelity Bank website.

7. Zenith Bank Student Loan

Zenith Bank provides short-term loan facilities for parents and guardians to pay for their children’s school fees. Loan amounts range from N100,000 to N5,000,000, with repayment terms between 3 to 9 months. Applicants must submit a completed application form, have their salary account domiciled with the bank, and the child/ward must have an account with Zenith Bank.

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8. CBN Loan Scheme

The CBN loan scheme targets graduates and undergraduates interested in setting up businesses. Repayment begins after 12 months, with a repayment period of five years. To apply, individuals need to provide necessary information and documents such as their first degree and NYSC discharge or exemption certificate, a valid mobile phone number linked to their NIN, BVN, and TIN, and an email address. Additionally, evidence of business registration and the corporate bank account number of the business are required. Existing businesses can also qualify for funding through equity investment.


There’s no shame in seeking a student loan to pay for your child’s education. However, it’s essential to evaluate your financial situation and consider more affordable alternatives if borrowing becomes a constant necessity.

Lenders often prefer customers with domiciled salaries, while high-net-worth individuals involved in business may be assessed based on their credit history and performance. Explore these student loan options to ensure uninterrupted access to quality education for yourself or your children.

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