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APPLY NOW: Alternative Student Loan for Nigerian Student

APPLY NOW: Alternative Student Loan for Nigerian Student

My dear Nigerian student, before you even think of applying for any loan, I want you to calm down and read every single word in this article. Many students make mistakes because they rush. Do not rush. If you truly want money to complete your education, then spend the next few minutes here with me. Maybe you have heard of Nelfund and maybe you have even applied. Maybe they gave you ₦100,000 or ₦200,000 upkeep allowance but it is not enough to settle your ₦300,000 school fees or your ₦150,000 hostel rent. Or maybe you did not even qualify at all. This is why you must know about other ways you can get money to pay your fees, rent and upkeep.

The truth is many students in Nigeria are struggling financially. Some parents are retired, some have lost jobs, some just cannot keep up with the rising cost of education. One semester you are asked to pay ₦250,000 and you have only ₦80,000 in your pocket. What will you do? That is why student loan exists. If Nelfund is not enough for you then you should read this complete post to see how to find other money and avoid stress.

Why student loan is necessary for Nigerian student

School is not cheap. Even if your tuition is free you will still spend money every day. You need to pay for books that can cost ₦10,000 or more per semester. You need to pay departmental fees that may be ₦5,000 or ₦7,500. Hostel rent alone can be ₦60,000 to ₦200,000 depending on your school. Feeding is another matter. Many students spend at least ₦1,000 per day on food which is about ₦30,000 per month and about ₦120,000 for a semester. Transport to campus, printing handouts, doing project work, buying materials — all these need money.

So when Nelfund pays you ₦100,000 or ₦150,000 you can see why it may not be enough. This is why borrowing from other sources sometimes becomes necessary. It is better than dropping out or owing your school until you miss exam. But you must borrow wisely.

When to think of borrowing extra money

Before you collect any extra loan please ask yourself why you need it. Do not borrow money to buy phone of ₦150,000 when your main problem is school fees. Do not borrow to do big boy or big girl lifestyle. Borrow for what will help you finish school. If your parents or guardians cannot raise the remaining ₦50,000 or ₦100,000 you need to complete your fees then look at other loan options. If you are in a private university and your fees are ₦500,000 or ₦1 million per session and your parents can only cover half then an alternative student loan can bridge the gap.

If you just want to enjoy life, please forget it. Loan is not free money. You must repay it. So think well before you borrow. Do it only when you truly have no other way.

Places where you can get extra loan

Many students do not know that some commercial banks in Nigeria have education loan products. For example some banks offer up to ₦500,000 or even ₦1 million to help students pay tuition and pay back later. Some microfinance banks give smaller amounts like ₦50,000 to ₦200,000 with short repayment time. Some fintech companies offer soft loan like ₦20,000 to ₦100,000 which you can use for books and hostel rent.

But please be careful. Many fake loan apps promise quick money but they will disgrace you later if you miss repayment. Some will call your parents, your pastor, your classmates. Some will post your photo online. So always check if the lender is real. Use only trusted banks, licensed microfinance or reputable fintech. If you are not sure, ask your school or student union for advice.

Important things to check before you accept the loan

One big mistake students make is signing loan agreements without reading. Before you collect that ₦200,000 or ₦300,000 loan, read the fine print. How much interest will you pay? Is it 5 percent or 10 percent or 20 percent? When must you repay? Some loans expect you to pay back every month, some give you grace until you finish NYSC. Some may add extra fees like processing charge of ₦5,000 or ₦10,000. Know all this before you sign. If you do not understand, ask questions. Never feel shy.

Also do not lie about how much you earn or your parents earn just to get a bigger loan. Take only what you need. If you need ₦150,000 do not borrow ₦500,000 because you want extra for luxury. Remember you will pay it all back one day.

How to protect yourself from bad loan stress

Many students regret collecting loans because they fail to plan. Some collect ₦100,000 and within one week they spend it all on clothes and parties. Then they cannot pay fees. So make a budget. If your tuition balance is ₦75,000 and your hostel rent is ₦50,000 and you need ₦20,000 for books, borrow exactly ₦150,000 not more. Pay the tuition first, then the rent, then books. If there is small balance keep it for food. Do not touch it for fashion or unnecessary lifestyle.

Pay your lender on time. If you promise to pay ₦10,000 every month then do it. If you cannot meet deadline talk to them early and reschedule. Do not wait until they start calling your uncle or blasting you online. Be smart and responsible.

Little ways to repay your loan

Many students think they cannot pay back because they do not have full time job. But you can start small. If you teach tutorial classes and earn ₦5,000 every weekend you can save part of it for repayment. If you do small business like selling data or snacks, remove a little for your loan. Every ₦5,000 you pay reduces your balance. By the time you graduate you will not be drowning in debt.

When you finish NYSC and start your first job, use your first few salaries to clear whatever is left. If you plan well you will be debt free and free to face your life.

Family can reduce how much you borrow

Sometimes we forget that family and friends can help. If your uncle can give you ₦50,000 and your father can add ₦30,000 then you only need to borrow ₦70,000 instead of ₦150,000. That makes repayment easy. So talk to people. Open up about your needs. Some people are willing to help but you must ask. Some students hide their struggles then go and borrow too much from risky lenders.

Avoid loan sharks that collect too much

Loan sharks are dangerous. They will offer you ₦50,000 today but ask you to repay ₦90,000 in two months. If you miss it they start calling everybody you know. Please stay away from them. If the interest is too high do not accept. Go to real banks or licensed lenders that charge reasonable interest. Some good lenders will charge you only 5 percent or 10 percent per year which is fair.

How your school can help you

Many schools are partnering with financial companies to help students pay fees easily. Some universities now allow installment payment. For example you can pay ₦100,000 this month then ₦50,000 next month. This reduces the amount you need to borrow. So before you take a loan ask your school if they have flexible payment plans. It can save you from paying interest.

Your documents matter

If you want ₦200,000 or ₦300,000 loan be ready to show proof. Lenders will want your admission letter, your student ID, proof of tuition fees or acceptance letter. Some may ask for bank statement to know you are not lying. Some may ask for guarantor who can stand for you if you disappear. Get your documents ready before you apply so that approval will be fast.

Your repayment is your reputation

Many students do not know that the way you repay your loan today can affect your future. If you repay well your name will be clean and you can get bigger loans later to buy land, build house or start business. If you fail to repay you will be blacklisted. Some banks may reject you in future. So always protect your name.

Real students who made it with loan

Let me share this short story to motivate you. Tolu was studying in a federal university and his final year school fees was ₦150,000. His parents could only raise ₦70,000. He applied for Nelfund and got ₦50,000 but still needed ₦30,000. He went to a trusted microfinance bank and got a ₦40,000 loan with small interest. He paid his fees, graduated and started teaching WAEC lessons for ₦15,000 per month. He paid the bank ₦5,000 every month for six months and cleared his loan. Today Tolu is doing his masters abroad. His life did not stop because he used the loan wisely.

How to plan your money

One secret to avoid loan trouble is good planning. Write down how much you must pay. For example:

  • Tuition balance ₦80,000

  • Hostel rent ₦50,000

  • Books ₦20,000

  • Feeding ₦30,000

That is ₦180,000 in total. If your parents can give ₦50,000 and your uncle can add ₦30,000 then you only need ₦100,000 loan. Simple and clear. That is better than jumping to borrow ₦250,000 just to have excess pocket money.

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I believe things will get better for students in Nigeria. The government is working on expanding Nelfund to cover more students. They plan to pay more students their ₦100,000 or ₦200,000 upkeep without delay. But until then you must help yourself by being smart with money and borrowing.

Conclusion

If you have read up to this point then you are serious. Remember a student loan is not free money. Borrow only what you need. Use it for your education. Pay back on time. If you must borrow ₦50,000 or ₦100,000 or ₦300,000 be sure you know when and how you will repay. Protect your name. Avoid loan sharks. Talk to family and friends first. Check your school for payment plans. And when you finally collect that money, use it wisely.

I wish you the best in your studies. May you never lack the money you need to graduate. May you repay every loan with ease and build a bright future. If you have questions about how to get safe loan or how to manage it drop your comments below. Share this post with your classmates so they can get help too.

Stay focused. Stay wise. You will succeed. Good luck my friend.

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  1. Hi thank you for this information,I applied last year I received upkeeps and still the school did not pay my school feel , I followed up , but still

    ReplyDelete