Getting a Student Loan in Nigeria (Banks that offers Student Loan)


Comprehensive Guide to Student Loans in Nigeria: Banks and Institutions Offering Financial Support for Education


In Nigeria, acquiring a student loan can be crucial in obtaining a quality education and securing a bright future. However, finding suitable loan options may not always be straightforward, as they are not as readily available from traditional financial lenders. Nevertheless, investing in education is an invaluable step towards personal and national development. Recognizing this, various banks and financial institutions in Nigeria offer student loan facilities to assist aspiring students in financing their educational pursuits.

This comprehensive guide aims to provide detailed information on some of the prominent institutions and their student loan offerings, empowering individuals with the necessary knowledge to make informed decisions about their educational finances.

  1. Access Bank School Fees Advance

Access Bank presents the “School Fees Advance,” a short-term financing solution catering to tuition fees from pre-primary school to post-graduate studies, as well as payments for professional certifications. Key features of this loan include a reasonable interest rate of 20% per annum, a management fee of just 1%, and a repayment period of 4 to 6 months. The loan process is streamlined, with easy remittance of fees directly to the school, and refinancing options are available for added convenience.


Required Documents for Access Bank School Fees Advance:

a. Completed loan application form b. Means of identification c. Admission letter d. Tuition bill e. Credit checks f. Duly accepted offer letter & term sheet

Application Process:

  1. Download and accurately fill the attached forms.
  2. Add your electronic signature using a scanner app on your phone.
  3. Submit the completed form and all required documents at your nearest branch.
  4. The loan will be processed for approval.
  5. If approved, you will receive an offer letter, which you must accept.
  6. Upon meeting the conditions, the loan will be disbursed to your account and paid directly to the school.
  7. For refinancing, proof of payment will be required.
  8. Fidelity Bank Back2School Loan

Fidelity Bank offers various credit packages under the Back2School loan to ease school resumption. These packages include:

a. Fidelity Bank EDULOAN: Schools can receive up to N10,000,000 to prepare for the upcoming school year. b. Fidelity Bank FAST LOANS: Obtain a loan in 2 minutes or less for Back2School expenses like school fees, laptops, uniforms, and more via the USSD channel. c. Fidelity Bank SWEETA: Open a SWEETA account for your child, and they stand a chance to win N150,000 school fees support quarterly. d. Fidelity Bank CREDIT CARD: Access 10% of your gross annual salary to cover various Back2School needs, including student visa applications and school fees payments, with zero card issuance charge.

  1. First City Monument Bank (FCMB) Back to School Loan

FCMB offers an instant loan through *329#, allowing parents to provide their children with all the necessary school items without worrying about cash flow. The loan options include a Salary Plus Loan and the option to pay school bills using the FCMB Credit Card.

  1. Guaranty Trust Bank School Fees Advance

GTBank’s School Fees Advance is designed to finance the payment of a child’s/ward’s school fees for institutions in Nigeria. This facility is accessible to public and reputable private organization staff whose salaries are domiciled with the bank. The loan amount ranges from N50,000 to N1 million per child, and repayment can be spread over four months.

Required Documents for GTBank School Fees Advance:

a. Application form b. Employer undertaking c. School bill with details of the school’s bank account

Payment Process:

The school bill can be paid through a direct transfer to the school’s bank account or by raising a draft in the school’s name.

  1. First Bank FirstEdu Loan

First Bank’s FirstEdu loan is targeted at school proprietors and provides flexible funding for upgrading school facilities and filling funding gaps until school fees are received. The loan features a 90-day repayment plan and allows access to a maximum amount of ₦10 million. The only collateral requirement is the domiciliation of school fees with First Bank. To qualify, the school must have had an account relationship with First Bank for a minimum of 6 months (or 12 months with other banks), and the school population must consist of a minimum of 100 students.

  1. Federal Government Education Loan

In addition to the support offered by banks, the Nigerian government has approved the establishment of education banks and student loan boards by states, providing students with access to funds at concessionary interest rates.


Education remains a passport to a brighter future, and funding should not pose a formidable challenge in Nigeria with the array of student loan options available. By understanding and exploring these opportunities, students can overcome financial barriers and realize their academic aspirations.

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