TODAY’S VIEWPOINT LOOKS AT HIKE IN TUITION FEES OF TERTIARY INSTITUTIONS AND THE STUDENTS’ LOAN. IT IS WRITTEN BY EMMANUEL DADA, A YOUTH CORPS MEMBER IN THE NEWS AND CURRENT AFFAIRS DEPARTMENT.
Education has been branded as the backbone of every civilization.
The signing of the Student Loan (Access to Higher Education) Act by President Bola Tinubu was lauded as a game-changer in the Nigeria education landscape.
According to the federal government, the Student Loan Act is rooted in the desire to address the financial struggles of Nigerian students.
The Nigerian student loan scheme is a transformative initiative aimed at enhancing access to higher education for a significant number of students across the country.
The scheme was designed to provide interest-free loans to eligible students enrolled in government-owned tertiary institutions, including universities, polytechnics, and colleges of education.
The Student Loan Act provides that students can fund their education through the loan and repay within two years after completing their National Youths Service Corps (NYSC) programme.
The announcement of the student loan scheme received mixed reactions from the stakeholders in the educational sector such as Academic Staff Union of Universities (ASUU) and students across Nigeria.
While the initiative is aimed at alleviating financial burdens and support educational pursuits, opinions are divided on its effectiveness and sustainability.
The announcement of the students’ loan scheme coincided with significant tuition hikes across public institutions.
Previously, public universities, polytechnics, and colleges of education charged relatively low fees.
However, public institutions have in recent times increased their fees exponentially even as high as 600 percent in a particular case.
In this stead, ASUU president, Professor Emmanuel Osodeke expressed scepticism about the practicability and sustainability of the student loan scheme.
Rather, the Union called for renegotiation, improved funding for revitalization and university autonomy which will enhance better access to education.
ASUU was of the view that over 50 percent of students in federal universities may drop out over the next three years if the government fails to address the ongoing arbitrary hike in fees.
Professor Osodeke is not alone in his world of scepticism about the students’ loan scheme.
Many students have also continued to express similar fear, insisting that the loan repayment does not feel feasible and would not work due to the high unemployment rate in the country.
Some students also protested the recent hikes, citing the student loan policy and the hike in fees as reasons most students might be forced out of school.
However, tertiary institutions have remained adamant and unperturbed as they have continued to increase tuition fees, citing the economic realities in Nigeria as the cause.
To an average Nigerian student, the student loan scheme is a Greek gift by the government as the federal government is gifting them a subvention with the right hand and taking it back with the left by hiking the school fees.
The increasing cost of tuition and other fees may outpace the support provided by loans, as universities raise fees to cope with inflation and other economic pressures.
This link between rising fees and student loans creates a paradox where financial aid may not fully cover educational expenses.
This reflects the reality of an average Nigerian student and the need for the government to take practical action to regulate the price of fees in public institutions.
Even though the federal government has not directly created a link between the student loan and the hike in fees, there is the need to look into the matter as one of national emergency.
The Nigerian student loan scheme represents a significant step toward making higher education more accessible in Nigeria.
While it offers promising solutions to financial barriers faced by students, it also presents challenges that must be addressed proactively.
The dream of accessible education for all remains a noble goal.
However, genuine efforts must be made to make this dream a reality by considering a complete revitalization of the educational sector, and improved funding for higher institutions.
THAT VIEWPOINT ON THE HIKE IN TUITION FEES OF TERTIARY INSTITUTIONS AND STUDENTS’ LOAN WAS WRITTEN BY EMMANUEL DADA, A YOUTH CORPS MEMBER IN THE NEWS AND CURRENT AFFAIRS DEPARTMENT.
