How can I unit test my custom validation attribute

Your attribute EligabilityStudentDebtsAttribute is just a standard class, like everything else, just unit test the IsValid() method. If it works OK, trust to Framework that attribute works OK.

So:

[Test]
public void AttibuteTest()
{
   // arrange
   var value = //.. value to test - new Eligability() ;
   var attrib = new EligabilityStudentDebtsAttribute();

   // act
   var result = attrib.IsValid(value);

   // assert
   Assert.That(result, Is.True)
}