07. June 2025
Admin
Education Loan Options for Nigerian Parents
In today’s economy, providing quality education for children can be financially demanding. Fortunately, several financial institutions and platforms in Nigeria now offer education loan schemes to help parents manage school fees conveniently without compromising their child’s learning journey.
Did You Know? Some Nigerian banks and fintechs offer zero-collateral education loans with flexible repayment plans.
1. Access Bank – Advance for School Fees
- Offers loans for payment of tuition fees for primary, secondary, and tertiary education (home and abroad)
- Flexible repayment over 4 to 12 months
- Requires minimal documentation
2. First Bank – FirstEdu Loan
- Primarily designed for private school owners but helps indirectly reduce the financial burden on parents
- Schools can offer payment plans through the loan
- Loan tenor up to 90 days with affordable interest
3. Sterling Bank – EdPay
- Provides flexible school fee payment options
- Parents can pay in instalments through partnered schools
- School must be enrolled in Sterling’s EdPay program
4. Fundall – School Fees Loan
- Fintech offering micro-loans for education-related payments
- No collateral required
- Quick processing and digital application
5. Carbon Loan (Paylater)
- Short-term loans for school fees and textbooks
- Accessible via mobile app with instant decision
- Flexible repayment and interest rates
6. Credit Direct – Education Support Loan
- Targeted at salaried workers for their children’s education
- Loan repayment period up to 12 months
- Available nationwide
7. EduFund (EdFin Microfinance Bank)
- Focused on education finance only
- Loan options for school fees, school infrastructure, and educational materials
- Registered by the CBN and supports low- and middle-income families
Final Thoughts
Education loans can be a life-saver for parents struggling with school fees. However, it's important to understand the terms, interest rates, and repayment structure before applying. Compare options and choose the one that aligns with your financial capacity.
Note: Always confirm loan offers directly with the provider as terms and availability may change over time.
