How to Get the Federal Government Student Loan for Nigerian Students

Knowing how to get the Federal Government student loan for Nigerian students can be one of the ways to remains calm about your dream to run a challenge-free academic journey. Debt according to Robert Kiyosaki is a means to attaining assets. And as education is a good investment in the future, striving to get a loan therefore is not bad in itself.

A student loan is designed to help students pay for education and its associated fees. This loan differs from other kinds of loans in the sense that the interest rate is relatively lower, and the repayment schedule is much more flexible.


Let us look at the steps on how to get the Federal Government student loan for Nigerian students:

  1. Submit their applications to the chairperson of the CBN-governor-headed committee through their respective banks.
  2. Include a cover letter signed by the head of their institution (e.g., vice-chancellors for university students, rectors for polytechnic students, and provosts for students of colleges of education).
  3. Provide a copy of their admission letter.
  4. Submit at least two guarantor letters addressed to the chairperson of the committee.
  5. Include two passport photographs from each of the guarantors.
  6. Provide evidence of employment and employer details.
  7. For self-employed guarantors, include their business registration with the Corporate Affairs Commission (CAC) or any other appropriate authority, as well as their banking information.

Qualification Requirements

To be eligible for the loan, an applicant’s income or family income must be less than N500,000 per annum. Students must provide at least two guarantors who meet the following criteria:

  • A civil servant of at least level 12.
  • A lawyer with at least 10 years of post-call experience.
  • A judicial officer.
  • A justice of peace.

Note: Furthermore, as stated in Section 15 of the Act, a student will be disqualified from obtaining the loan if they have been found guilty of examination malpractice by any school authority, or if they have been convicted of a felony or any offense involving dishonesty or fraud. Applicant on the status of his application within 14 days of the receipt of any application,” the act states, adding that “disbursement shall be on the availability of funds.”

Federal Government Student Loan Forgiveness Programs

Below are some of the federal government student loan forgiveness programs:

Public Service Loan Forgiveness

Public Service Loan Forgiveness (PSLF) is available through the U.S. Department of Education for federal Direct Loan borrowers. You might also qualify for this option if you have Federal Family Education Loan (FFEL) Program loans or Perkins Loans that have been rolled into a Direct Consolidation Loan.

Under this program, borrowers working for eligible employers can have the remainder of their federal student loans forgiven after making 120 qualifying monthly payments. Keep in mind that PSLF is employer-based, not role-based, so you don’t necessarily need to be a police officer, firefighter, teacher or similar to qualify. You can determine if you work for an eligible employer by using the Federal Student Aid’s employer eligibility tool.

  • Forgiveness amount: Varies based on amount borrowed and repaid.
  • Qualifications: Work full-time for a qualifying employer, certify your employment annually and make 120 qualifying loan payments.
  • Taxable/not taxable: Not taxable.

Teacher Loan Forgiveness Program

The Teacher Loan Forgiveness (TLF) Program offers up to $17,500 in student loan forgiveness to teachers with Direct or FFEL program loans who teach full time for five consecutive years at an eligible school or organization that serves low-income students. Eligible schools include elementary and secondary schools or educational service organizations.

  • Forgiveness amount: Up to $17,500.
  • Qualifications: Be a state-certified teacher with a bachelor’s degree without having certification or licensure requirements waived on certain bases (also referred to as being a “highly qualified teacher”) and work five years teaching full-time at a qualifying school.
  • Taxable/not taxable: Not taxable.

Health professional loan repayment

If you work in a qualifying healthcare role, you could qualify for student loan assistance through organizations like the National Health Service Corps (NHSC) or the National Institutes of Health (NIH). The NHSC offers up to $120,000 in loan assistance for qualifying full-time healthcare professionals, while the NIH offers up to $50,000 per year to healthcare professionals conducting qualified research. Eligible nurses might also qualify for an up to 60% loan payoff through the Nurse Corps loan repayment program in return for a two-year service commitment.

  • Repayment amount: Up to $120,000 or up to 60% of loans, depending on the program.
  • Qualifications: Licensed healthcare professionals working in qualifying roles.
  • Taxable/not taxable: NHSC payments aren’t taxable, but NIH and Nurse Corps repayments are taxable.

Service member loan repayment

While members of the U.S. military could qualify for PSLF, several other student loan assistance programs also exist for service members. For instance, the U.S. Army offers a special program that will repay up to $65,000 in student loans for qualifying members, while the Coast Guard provides up to $60,000 in assistance. Other branches also offer student loan repayment programs.

  • Repayment amount: Varies by program.
  • Qualifications: Varies by program.
  • Taxable/not taxable: Payments can be taxable, depending on the program.

Income-driven repayment

The U.S. Department of Education offers four income-driven repayment (IDR) programs for qualifying federal loan borrowers, which can be a good option if you aren’t eligible for other forgiveness programs.

IDR plans base your payments on your income, which can significantly reduce your monthly payments. Additionally, you could have your remaining balance forgiven after making 20 or 25 years of qualifying payments, depending on the plan.

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