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Step By Step: School fee loan in Nigeria -all you need to know

School fee loan in Nigeria -all you need to know


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Can I borrow money for school fees? Yes, as a student or parent, you can get financial assistance if you are in need. In this post, we are going to elaborate more on how to apply for school fee loans in Nigeria, CBN student loans, government loans for students in Nigeria, online loans for students in Nigeria, and Lapo school fees loans.

You all may know that school fees is (the money paid for a person to go to school) but a School fee loan, we define as a short-term loan by a student, parents, or guardians to finance the educational needs of their children or wards.

Note: Before you can apply for a school fee loan, here are the requirement for applying for a school fees loan in Nigeria.


If you are in any public Nigerian University such as Polytechnic, College of Education, or Technical and vocational education and training (TVET) school you will be asked to provide the following:

  • You must be a student before you can apply.
  • You must provide your personal data.
  • Your income or family income must be less than N500,000 per annum.
  • You must provide at least two civil servants as guarantors: of not less than level 12 years in service.


  • Does Lapo ask for collateral?

No, to this answer Lapo Microfinance Bank? can only require a loan request. To be eligible for the loans here are the requirement needed:

A. Complete Our Online Application Form.
B. Loan application letter.

C. Current utility bill.
D. Duly completed application form.
E. 2 guarantors.

F. Bank Statement.

G. 4 recent passport-size photographs.
A valid ID (national ID, driver’s license, voter’s card, or international passport). if Approved,you will receive cash within 48 hours.

  • How can I apply for CBN collateral-free loan?

If you to apply for a CBN loan online without collateral, you have to log in through the NIRSAL MFB’s portal after receiving training from the Entrepreneur Development Institute (EDI) in Lagos State and upload the received certificate of completion.

  • What is the USSD code for the LAPO loan?

You can visit the website or use the LAPO loan USSD code to borrow a school fee loan in Nigeria. Dial *371#, but this comes with a service charge of N6, and you can only access loans up to N350 thousand.

What Are The Benefit Of School Fee Loans?

Here are some of the benefits you are eligible to when you apply for a school fee loan. Some of them include:

  • Applying for a school fees loan will not stop you from accessing other loans.
  • School fee loans have flexible repayment terms.
  • The interest rate of school fees loans is lessened than that of other types of loans.
  • It enables you to cater to your children, or wards’ need with no stress.

Access Bank (Advance for school fees)

Access Bank has opened a platform called Access Bank (Advance for school fees) for financing undergraduate study, postgraduate study, and professional examination to help provide parents/guardians with short–term financing to cover tuition fees for their children/wards.

This loan offer allows you to spread your repayment over 4 to 6 months, has an Easy Application process, and a flexible repayment option.

Salaried Customers

  • Duly completed application form
  • Duly accepted offer letter
  • The name of the student on the School fees bill/invoice (containing the total fee amount)
  • Valid ID card and recent utility bill (with the last 3 months)

Non-Salaried Customers

  • The name of the student on the School fees bill/invoice (containing the total fee amount).
  • Duly completed application form.
  • Valid ID card.
  • 1-year Bank statement of a corporate account.
  • CAC documents.
  • Executed Nigeria Inter-Bank Settlement System Plc (NIBBS) mandate form.
  • Additional Documents for Out of Bank.
  • Recent Utility Bill (within the last 3 months).
  • Duly accepted offer letter.
  • Payslips and 6 months statement.
  • Statement of the Net worth of the guarantor.
  • Acceptable party guarantee of personal or corporate (Guarantor must maintain a salary or corporate account with Access Bank).

Visit any Access Bank Branch Near you or you can visit their official website at

Also, see: 8 Steps How To Get Personal Loan In Nigeria

LAPO Microfinance Bank (Education Loan)

Lapo (Lift Above Poverty Organization) is a microfinance bank that is established to help the poor and less privileged in rural areas in both financial aspects.

Lapo School Fees is designed for economically active parents/guardians who have the willingness to educate their children in private schools. They offer loan services to both businesses and low-income earners and also instant credit of up to N500,000.

Loan range ‒ NGN 20, 000 to NGN 500, 000
Grace period ‒ 1 Month moratorium (Approximately 30 days after disbursement)
Interest rate ‒ 4% Reducing Balance (48% per Annum Reducing Balance)
Repayment Mode ‒ Monthly
Loan period ‒ Loan can be disbursed all year round

Loan purpose
— To cover Tuition fees, uniforms, Books & Transportation (School Bus).

School Improvement Loan

School Improvement Loan is designed for school proprietors (low or medium-income private schools, from Nursery to Secondary level), to improve their schools in terms of Increased learners enrolment & quality education.

The loan is structured around the classification of school needs such as working capital, building improvement/renovation, and procurement of fixed assets that enhance learning.

Loan range ‒ NGN 250, 000 to NGN 10, 000, 000
Grace period ‒ 3 to 18 months
Interest rate ‒ 4% Reducing Balance (48% per Annum Reducing Balance)
Repayment Mode ‒ Termly-Repayment shall be according to school cash-flow
Loan period ‒ Loan can be disbursed all year round

Loan purpose
— Building extension, working capital, extra classrooms, dormitories, wash facilities, sick bay, buying of IT pieces of equipment, purchase laboratory equipment & furniture, projectors, textbooks, school bus, blackboards, etc.

This loan option ranges from #20,000 – #200,000. This loan option has an interest rate of 48% Per annum.

Here are the documents you must provide to access this loan. To learn more about these loan options, visit

Also, see: Student Loan ACT – Fastest Way To Apply For Student Loan In Nigeria

Guarantee Trust Bank (School Fees Advance)

GTBank is one of the powerhouse financial institutions in Nigeria. They have been around for many years. GTBank designed this loan facility to finance the payment of your child/ward’s tuition in any Financial institution in Nigeria.

However, this loan option is only available to people who work for public or private reputable organizations. Additionally, it is compulsory that you domicile your salary with the bank. Furthermore, the GTBank School fee advance allows you to access up to 5 million with a maximum of 4 month’s tenor per request.

To apply for this loan, you must provide the following:

  • A completed copy of an Application form and an Employer Undertaking form.
  • The school fees bill of your child/ward and Credit insurance ensure that your salary is domiciled with the Bank.

Page financial School Fees Loan:

It is the popular belief of page financials that it is the prayer of every parent to give their children quality education. But in some situations, growing needs might get in the way of your child’s/ward’s school fee payment. On this note, page financial basically design this loan to cater to your Education needs.

To get this from page financials kindly visit their official website

How To Apply For CBN School Fees?

  • Login.
  • Click Start Application.
  • Select Educational Fees.
  • School fees.
  • Enter all necessary student and school details.
  • Upload necessary documents (international passport data page, provisional admission letter, school invoice, WAEC/first-degree certificate).

In Conclusion

Follow the steps that we have listed in this post, if you are in need of a loan.

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