How to get a bank loan for school fees in Nigeria

If you’re an employed individual, struggling to make school fee payments especially after  the summer holidays, a school fee loan might be what you need. Several Nigerian banks offer loans payable directly to schools for the express purpose of school fees payment, and you could be eligible for these. Here there are in alphabetical order:

Access bank

Access bank offers an ‘Advance for school fees’ for payment of fees both within and outside Nigeria, and also promises a 48-hour turnaround on loan applications.

Applications can be made via:


GTBank offers school fee loans to employed parents who receive their salaries via a GTBank account for at least one month prior to the application being made. This loan however, is only available to students who school in Nigeria and is paid by raising a draft to the school directly. Parents can borrow up to 50% of their monthly salary and are eligible if they have a minimum salary of ₦25,000 for public sector employees and N50,000 for private sector employees.

Loan amounts vary between ₦50,000 and ₦1,000,000 and the tenure lasts a maximum of 4 months.

To apply, you will need to take the following to a GTBank branch:

  • Completed Application Form (You can get this from the branch)
  • Employer Undertaking Form (You can get this from the branch)
  • School Bill
  • Proof that your salary is paid into your GTBank account

Stanbic IBTC

StanbicIBTC offers existing salaried customers loans for a wide variety of educational purposes – not just school fees. Their loans can be used to cover a range of educational purposes such as purchase of books, or a laptop, or materials for a school project, or of course school fees.

The loan is offered as a revolving loan for a 4 – 12 month term, and paid directly to the school.

What is a revolving loan? A revolving loan means that the bank  offers you the money in form of an overdraft for example, allowing you to withdraw more than your account holds, repay the agreed fees monthly, and withdraw again if you need to. Therefore you can keep withdrawing from the loan amount and replacing it until the term ends, when you should have fully replaced the amount borrowed. Stanbic also allows you the option to renew the loan after a year if you have faithfully kept to your repayment terms.

To apply, you will need to meet the following conditions before going to your bank:

  • Proof that confirms your place of work.
  • You must have been with your current employer for six months or longer.
  • Proof that you salary is paid into the Stanbic account
  • Proof that you are a permanently employed or contract worker at an approved company with valid contract terms.
  • You have to be a Nigerian citizen with permanent residency.
  • A minimum net monthly income of ₦20 000.
  • You must be 21 years or older (but not older than 60 years on expiration of the facility).
  • A satisfactory credit bureau report.


  1. Matthew E. October 6, 2015
  2. Chimaeze nneamaka May 11, 2017
  3. Ayomide Felicia Olufolajimi September 2, 2017
  4. robert September 2, 2017
  5. Lucy Julius Otinyia September 2, 2017
  6. JAY September 7, 2017
  7. Floyd Morris December 15, 2017
  8. EMMANUEL September 18, 2018
  9. Mariafum January 24, 2020
  10. JaneGon January 24, 2020
  11. LisaGon January 25, 2020
  12. Robertazob January 25, 2020
  13. Mariafum January 25, 2020

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