How to Apply for a Student Loan in Nigeria Maritime University “NMU”

This article is about How to Apply for a Student Loan in NMU “Nigeria Maritime University“. If you are a student of the institution and you are looking to collect a loan to help you with fees, then this article is the right guide.

How to Apply for a Student Loan in NMU

It is perfectly normal for a student to run into financial stress with school fees, accommodation as well and feeding. Most times, students even find it hard to get materials and pay dues because of a lack of financial assistance.

What You Need to Know About NMU and How Loans is Benefit to their Students

The Nigerian Maritime University was founded in 2018. It is a non-profit public higher education institution and it is located in Delta State. it is the first parliamentary university and maritime college in Nigeria as well as West Africa. Also, it was approved by the NUC to commence degree programs in February 2018.

Whilst its school fee is not very expensive, the economy can be harsh on its students. As such, most students take a gap year, consider dropping out or even drop out since they cannot afford to pay fees.

In situations like this, loans can be of great benefit to students of NMU as they can pay their fees. Also, with a good loan, they can pay other school dues as well as get materials to enable them to study well.

What Type of Loans can NMU Students Apply for in Nigeria?

As an NMU student, you can apply for a Federal Government Student Loan. This kind of loan is sponsored by the federal government of Nigeria. It usually has a long repayment period as well as low interest rates.

You can also get loans from microfinance banks like LAPO agency. However, their interest rates are a little on the high side. Then, there are bank loans like GT Bank Student Loan or Access Bank Student Loan. Another source to get a loan is private lenders.

Eligibility Requirement to Apply for Loan as an NMU Student

The requirements depend on what loan facility that you are using. To get them, it is important to visit their office or check their website if they have any. However, these are the general requirements;

  • It is important that you are a student of NMU
  • To be eligible, you must be a Nigerian citizen
  • Also, you must not have been convicted of examination malpractice or any other kind of felony by the university
  • You must be in need of the money. In most cases, your family income is to be less than 500 thousand Naira a year
  • It is important that you have guarantors with you
  • You must have a good academic record

Documents Required for the NMU Student Loan Application Process

The general documents required to apply for any kind of loan are;

  • A valid identification card
  • Two or more passports
  • Applicant’s bank details
  • Guarantor’s bank details as well as employability status
  • A reference letter from any of NMU’s lecturers or professor

Each loan facility has its required documents. While some like federal government loans may require a bit more documents, private loans may not.

Loan Application Process for NMU Students

The application process is rather easy. Visit the walk-in office or website of your selected lender and fill in the application form with the correct information. Afterwards, submit all required documents alongside the completed application form. Then, wait for your application status to be updated by the loan facility you choose to use.

Alternatives to Loans for NMU Students

In the situation where your loan is not approved or you do not want to get a loan, you can try out any of these;

  • Get a part-time job. The job could be online or offline depending on what suits your schedule
  • Start up a small business
  • You can apply for scholarships or grants from the federal government, state governments as well as NGOs.

Conclusion

The information above should help you with your loan application as a student of Nigeria Maritime University.

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