To be eligible for a loan under this Act, students must have secured admission into a recognized Nigerian university, polytechnic, college of education, or vocational school. The annual income of the applicant or their family must be less than N500,000. The applicant must provide at least two guarantors who meet specific criteria.

The law establishes the Nigerian Education Bank as a body corporate with the functions and powers to implement the Act. The bank is responsible for receiving loan applications, screening applicants, approving and disbursing loans, monitoring loan accounts, and ensuring compliance with repayment.