Beyond Affordability: Students’ Struggle with Rising Fees and Loans
Sakeenah Kareem
In April 2024, the University of Ibadan shocked its students by increasing tuition fees by an astounding 450-750%, as reported by the university’s student union. This unexpected and exorbitant fee hike has left many students scrambling for ways to cover the increased costs. One option on the table is the Nigerian Student Loan Program. On May 24, 2024, the Nigerian government opened the portal for student loan applications, aiming to provide financial relief. However, the burning question is whether these student loans are a viable solution, a necessary evil, or a debt trap. To answer this, we delve into the minds of Uites.
The Nigerian Student Loan Program is designed to assist students in covering tuition fees and other educational expenses. However, its affordability and accessibility remain contentious. Toriola Adedayo Samuel, a 200-level History student, shared his concerns: “The student loan is like throwing us peanuts when we need a whole hamburger. If we get the loan and become graduates, we will have accumulated so much debt, and the potential for repayment will be really low, because where exactly are the jobs to help us pay back?”
Adigun Folashayo, a 300-level European Studies student, added, “The affordability solely depends on the student’s financial situation and the total amount of debt they are taking on.” Iwalola Atitebi, another student bluntly stated that, “If it’s a loan, then my guess is it’s not affordable for the person taking it.”
Two 100-level students, who chose the University of Ibadan because of its affordability, expressed their disappointment with the fee hike. Davida Taiwo* from Awo Hall said, “Let me begin by saying that the hike in the fees came as a tornado because it wasn’t expected. The economy of the country is currently not smiling, yet we decided through our parents’ willingness to sponsor us to school. And, we chose an affordable school but all hopes were dashed as the fees were declared. The fees are nothing but a pain in the neck as many who dreamed of having a quality education in the university would lose their courage and confidence to do so. I hope there will be a reduction, so as to give the masses another opportunity of learning in the first and the best.”
Temitope Johnson* from Indy Hall also added that, “The affordability of the fee is one of the factors that made me choose UI over other schools. Due to the affordability of the institution, choosing the school was a strong option, without hesitation, I chose the school and my family agreed to it. Unfortunately, our hope was cut short with the sudden sumptuous increment of the school fee. The increment also came during a harsh economic period which made it hit hard. I just hope there will be a reduction in the fee.”
When asked if they would consider taking out a student loan to cover the increased fees, the students were hesitant. Adigun Folashayo said “it would depend on several factors, including his ability to repay the loan after graduation, the interest rate, and the terms of the loan. The Nigerian student loan typically requires a guarantor and begins repayment after graduation, but the high interest rates and short grace periods can make this daunting.” Toriola Adedayo Samuel was more emphatic: “I don’t plan on taking any inconsiderate loan, because for me, I stood and still stand against this insensible increment.” Iwalola Atitebi mentioned she wouldn’t take the student loan because she would feel more comfortable borrowing from a friend or family member if the need arises.
When also asked what the alternative financial solutions that could help students cope with the fee hike are, Folashayo suggested scholarships, grants, and part-time jobs, as well as a bursary scheme for students who really haven’t paid their fees. Samuel advised students to think outside the box and acquire skills like digital marketing and Amazon Kdp publishing to raise enough funds for themselves. Iwalola Atitebi simply said, “A reduction in fee in the first place will be better.”
While the student loan may seem like a necessary evil in the face of the fee hike, it is not the needed panacea. The students’ concerns and doubts highlight the need for a more comprehensive and sustainable financial aid system, one that considers the financial realities of students and their ability to repay. High interest rates, challenging repayment terms, and a tough job market exacerbate these concerns. As the debate continues, it is clear that more needs to be done to support students in their academic journey.
