FG Student Loan Application Portal – Here is the detailed guideline on how to apply for President, Bola Tinubu Student loan application form. FG Student loan portal is currently open and Nigerians have started registration for FG Student Loan. After reading this article, you should be able to register for FG Student loan 2023 login portal. Just make sure you read through this article to understand the Student Loan Bill in Nigeria, its application & procedures.
If you have been asking how can I apply for FG Student loan? Then this article has been written to answer your questions. If you have always wanted to know what Student loan/grant is, we have all the important information you need to know about this loan programme which was introduced by the government for MSMEs.
FG Student Loan is an initiative of the Federal Government and was created in 2023 to provide Interest-free loans to students in Nigerians. All citizens are eligible to apply for this Student loan.
FG Student Loan 2023 Application Requirements
- BVN
- Passport Photographs
- Local Govt of Origin Certificate
- A Valid National ID
- CAC Certificate for businesses eligible
FG Student Loan is created to assist students in Nigeria with collateral-free loans to enable them to boost their academic excellence which directly helps the economy of the nation. To help build these businesses, the FG Student loan programme is currently in 3 categories.
It is believed that the introduction of the education bank will help address the funding gap in tertiary institutions.
According to the bill, which was sighted by our correspondent on June, 12th 2023, students applying for loans under this Act must apply to the Chairman of the Bank through their respective institutions upon satisfying the following conditions:
i. Student must have secured admission into any public Nigerian University, Polytechnic, college of education or any TVET school; Applicant income or family income must be less than N500,000 per annum; Applicant must provide at least two civil servants as guarantors: of not less than level 12 years in service; or a Lawyer with at least 10 years post-call experience; a Judicial officer; or a Justice of Peace.
ii. Students who have defaulted on previous loans; found guilty of exam malpractice, felony, or drug offences will not be considered.
iii. Students with parents who have defaulted in respect of previous loans will not be considered.
Following the satisfaction of the conditions listed above, applications for the loans will be submitted through the Students Affairs Office of each institution via a list of all qualified applicants from the institution accompanied by a cover letter signed by the Vice-Chancellor or Rector or the head of the institution and the Student Affairs.
On the repayment, the act states that “Any beneficiary of the loan to which this Act refers shall commence repayment two years after completion of the National Youth Service Corps programme. Repayment shall be by direct deduction of 10 per cent of the beneficiary’s salary at source by the employer.
“Where the beneficiary is self-employed, he shall remit 10 per cent of his total profit monthly to the student loan account to be prescribed by the bank.
“For the purpose of sub-section 3 above, a self-employed person shall, within 60 days of assuming that status, submit all information such as the name of business, address and location, registration documents, registered, name of bankers, names of partners, name of directors and shareholders to the Commission.
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FG Student Loan Amount
Loans ranging from N500,000 to N1000,000 can be applied for the FG Student 1.0 loan website. These loans does not need collateral and are interest-free. Loans can be collected for the short term or long term. Are you a student in one of the universities in Nigeria, kindly avail yourself of this opportunity to apply for this loan.
Candidates who wish to apply for the FG Student 1.0 Loan will need to ensure they are qualified for the amount they wish to apply for. FG Student Loan does not demand high-interest rates from its beneficiaries, it is a programme by the Federal Government to empower citizens of the country economically.
How to Register/Apply for FG Student Loan 2023 Online
To apply for Tinubu Student Loan 1.0, you are to follow the guidelines below:
- Go to FG Student Registration Portal www.fgstudentloan.gov.ng
- Navigate to the FG Student Link.
- Open the link and read through the guidelines.
- Click on Application.
- Once, you are ready to apply, visit National Orientation Agency in your state.
It is important to note that you have an advantage if you apply as a co-operative rather than as an individual. You will need to visit FG Student Registration portal in order to get more information on the procedures to follow.
To get news updates from us on FG Student Loan Application Portal 1.0, you can just leave your opinion in the comment section and also tell us what kind of information you would want to be receiving from us so that we can always try to keep you updated on FG Student website www.fgstudentloan.gov.ng.
