20 Student Loan Platforms in Nigeria— In a country where the cost of education continues to rise and household incomes often fall short, student loans have become a necessary bridge between academic dreams and financial realities. Many Nigerian students with promising potential are forced to abandon their studies due to lack of funds.
But thanks to the rise of student loan platforms in Nigeria, there’s new hope for those determined to achieve their educational goals, regardless of financial background. Student loan platforms in Nigeria are steadily gaining popularity. It provides students with the opportunity to pay their tuition, buy learning materials, and even cover accommodation costs.
The best part is that most of these loans are accessible, low-interest, and sometimes interest-free. Whether you’re a university undergraduate, a polytechnic student, or enrolled in a tech bootcamp, these platforms are making education possible again. In this blog post, we have curated the top 20 best student loan platforms in Nigeria.
20 Student Loan Platforms in Nigeria
This guide will illuminate 20 student loan platforms available to help you achieve your academic aspirations in Nigeria.
Nigerian Education Loan Fund (NELFUND):
This is the landmark federal government student loan program. It offers interest-free loans to eligible Nigerian students in approved public tertiary institutions to cover tuition fees and upkeep. Also, repayment typically begins two years after completion of the National Youth Service Corps (NYSC). Applications for the 2024/2025 academic session are ongoing; you can apply today.
EduGrant
This is another dedicated platform designed to empower low-income students to unlock their full potentials. They offer a variety of scholarships and student funding options, including partial loans. Their mission is to bridge the financial gap in Nigerian education through partnerships and personalized support. You can apply for a loan on this platform by visiting the official website online.
Access Bank PLC
Access Bank offers various personal loan products that can be channeled towards educational needs. They also have specific products like the “Advance for School Fees” designed to help parents and guardians pay their children’s school fees promptly. The best part is that they offer flexible repayment options and can be used for diverse educational stages such as primary, tertiary, and professional certifications.
Guaranty Trust Bank (GTBank) PLC:
Another platform where students in Nigeria can apply for loans is Guaranty Trust Bank. While they offer significant loan facilities to educational institutions, like Access Bank, they offer “School Fees Advance” for parents/guardians who are account holders to bridge the gap in tuition payments.
Sterling Bank Edubanc
Sterling Bank’s Edubanc initiative supports students with tuition loans and other educational resources, especially for those pursuing digital and professional skills. The aim of the platform is to improve learning outcomes and business growth for students, teachers, schools, and parents. They also facilitate connection, collaboration, and financial services within the education community.
Wema Bank PLC (ALAT):
Wema Bank, particularly through its digital platform ALAT, offers quick personal loans that can be used for various needs, including urgent school fee payments. They also have traditional educational support products. With this platform, you can apply for a short-term loan to cover your children’s school fees, and this is regardless of the school location. It is one of the convenient ways to access funds for your tuition, school materials, and more.
United Bank for Africa (UBA) PLC:
UBA provides personal loans, such as the “UBA Personal Loan” or “UBA School Fees Loan,” which offer funds that can be used by individuals and parents to cover tuition and other educational expenses. In other words, you can make use of this loan for both student- and school-related needs.
Carbon:
Another top student loan platform to make use of is Carbon. This is a digital lending platform that offers quick personal loans to eligible individuals. While not specifically education loans, these funds can be used for any purpose, including paying school fees.
Polaris Bank Limited:
This platform offers an “Education Loan” product designed to cater to the needs of private schools and also mentions that parents and teachers can access personal loans for school fees and other related needs. You can apply for this loan by simply downloading and installing the app.
Zenith Bank PLC:
Zenith Bank provides personal loans and salary advance schemes that can be utilized by parents or working students to finance education. They may also have tailored educational loan packages; it’s best to inquire directly.
First Bank of Nigeria Limited
They offer a student loan called FirstEdu Loan, aimed at funding private pre-primary, primary, and secondary schools, as well as A-level educational institutions. The main goal of this loan is to help support the financial needs of schools, and you can apply without collateral.
Branch
Meanwhile, t his is a mobile loan app providing access to personal loans. These can be a source of quick funding for educational expenses for those who qualify. The best part is that you can get an instant loan of up to ₦1,000,000, and it is reliable.
FairMoney
FairMoney stands out as one of Nigeria’s leading digital lending platforms, offering quick, hassle-free loans without the need for collateral. It caters to individuals and small businesses through a user-friendly mobile app that enables loan applications and disbursements at any time and from any location, promoting financial accessibility. With this platform, you can get a student loan for your tuition and living expenses.
Aella Credit
Aella Credit is a loan application that provides financial support to students aged 18 and above who have a steady source of income. It features a clean, easy-to-use interface and allows borrowers to repay loans within a period of up to 60 days. The sign-up process is simple, and interest rates vary between 6% and 29%.
Palmcredit
This is a mobile lending platform in Nigeria that provides quick and easy access to loans. It offers loans ranging from ₦2,500 to ₦100,000, with repayment terms of 12 to 26 weeks. You can apply for a loan on this platform and use the funds to cover your student tuition and other related expenses. The platform has a user-friendly interface, and you can access loans within minutes via a mobile phone.
LAPO Microfinance Bank:
LAPO MFB provides an “Education Loan” (often marketed as a School Fees Loan) designed for economically active parents/guardians to cover educational expenses for their children in private schools.
QuickCheck:
This is another digital lender in Nigeria providing collateral-free personal loans. Users can apply via their mobile app, and if approved, the funds can be used for educational needs.
OKash
This is a digital lending platform in Nigeria, primarily offering microloans. While it’s not specifically designed as a student loan product, it can be used by students seeking financial assistance. It’s operated by Blue Ridge Microfinance Bank, a licensed financial institution in Nigeria. OKash is known for its quick application process, paperless transactions, and direct bank transfers of approved loan amounts.
Renmoney
This platform offers Student loans are a type of personal loan offered by Renmoney, a Nigerian fintech lending company that can be used to finance education-related expenses. These loans are typically used to cover tuition fees, accommodation, and other costs associated with schooling.
Zedvance
This platform offers personal loans to help individuals finance their education expenses, including tuition fees, school supplies, and uniforms. They offer flexible loan options and aim to provide financial support to students pursuing their educational goals.
Bottom Line
Securing funding for your education is a significant step. By carefully researching these and other available options and by understanding all terms and conditions, you can find a student loan platform in Nigeria that best suits your needs and helps you achieve your academic goals.
