Faq
Most Popular Questions
EFS is a unique platform to assist students seeking academic pursuit in Nigeria to easily access education financial aid in the form of loans, scholarships and donations, and access to skill enhancement programs. Students who participate in the program will have access to a robust Alumni network.
The beneficiaries of EFS are:
- Students enrolled in tertiary institution.
- Parents/guardians of wards enrolled in tertiary institution.
The following services are offered under EFS:
- Education Finance Solution: This product offering assists students seeking academic pursuit in Nigeria with easy access to financial aid by proving the following to meet their education-related expenses.
- Short to Long-term Loans
- Scholarships
- Grants/Donations
- Skill Enhancement Program: This program aims to enhance technical and non-technical capabilities of students through development of digital capabilities, career counselling and facilitation of internship placements, mentorship opportunities and possible job placements.
- Alumni Network- Exclusive Membership: Beneficiaries of the Education Finance Solution have the opportunity to be part of a connected network of professionals.
There are two types of loans that can be applied for, short-term loans and long-term loans.
- Short-term Loans: Loans will be given at the beginning of an academic session to cover the tuition fees. Repayments of the short-term loan will be made monthly within 11 months from the start of the academic session to the start of the next academic session.
- Long-term Loans: Loans will be given at the beginning of an academic session and repayments will be made monthly within 6 years after the student has graduated from the tertiary institution.
Students/Parents are eligible for loans if they can provide the following details:
- Admission letter of the student into a tertiary institution.
- Academic History of students
- Details of 2 guarantors
- Loan Application Letter
- Credit Score and History
- Financial Statement
- Employment and Income verification documents.
- Proof of Identity
- Proof of Address
- Origination fee (1% management fee, 1% advisory fee and 1% insurance fee of the total loan amount).
- Collateral
- Students and parents/guardians will engage the STUDIEZ platform to apply for a loan
- All required documents are to be uploaded on the Loan Portal.
- A review and selection will be done based on the given documents
The interest rate for a loan is 15% per annum
Yes, there must be a personal guarantor to apply for a loan.
The maximum loan amount that can be requested for is N5 million, subject to meeting Debt service ratio (DSR) obligation.
Repayment of loan is determined by the type of loan applied for. For short-term loans, repayments of principal and interest are made monthly within 11 months through direct debit from beneficiary’s bank. For long-term loans, repayments of principal and interest begins immediately after student graduation through direct debit.
Loans are available at the beginning of every session after all outstanding loans have been paid back
Once there is a default in repayments of loans, the school denies defaulters clearance, withholds their certificates and they won’t be allowed to graduate.
Students are to upload a 1 min video explaining why they should receive scholarship. Selection is based on your video and the other required documents.
Other common eligibility requirements include the following:
- Certificates of previous education (first degree, school leaving certificates etc.)
- Letters of recommendation
- Motivation Letter
- Visit the scholarship page on the website to apply for a scholarship.
- Find and understand the application requirements.
- Submit the application form and the required documents
- Check the status of your scholarship application and be patient
Scholarship funds are for academic purposes, so all funds received will be paid directly into the school account.
Prospective partners should visit https://studiez.com.ng/partnership/, fill the required form and we will get back to you immediately.
Please visit https://studiez.com.ng/grants/ to provide grants.
Please visit https://studiez.com.ng/donate/ to make donations.
Donors have a few different options of how to pay for their donation, based on their location. The available payment options for donors are debit cards (Visa, Mastercard and Verve) and digital payments (Bitcoin).
