VOX POP: Mixed Reactions Trail Student Loan Policy
Opemipo Olukoga
The recent signing of the Access to Higher Education Act, also known as the Students Loan Bill, into law by President Bola Tinubu of Nigeria has elicited mixed reactions from citizens. This move fulfills one of the president’s campaign promises to improve education funding.
Amidst Nigeria’s economic challenges and rising school fees, the act aims to provide equal access to loans for students without discrimination. While some critics argue that the government should prioritize adequate funding for public education rather than signing a loan bill, others commend the creation of a financial lifeline for indigent students.
“The fund shall be domiciled with, managed and administered by the Central Bank of Nigeria (CBN) through the money deposit banks in Nigeria for the purpose set out under section 6 of this act,”
With Nigeria joining the ranks of countries offering financial assistance to underprivileged students, it is timely to evaluate the advantages and disadvantages of this newly signed legislation.
According to Senate President Godswill Akpabio, “at least 30,000 students from various Nigerian tertiary institutions have been selected to benefit from the Students’ Loan program.”
University of Ibadan students, has expressed diverse opinions on this development, highlighting both the benefits and drawbacks of this federal government initiative.
Here is what they have to say,
Abayomi Noah Adeoye, Faculty of Education
Giving loans to students sounds like government neglecting their primary responsibility of funding education in the country. Adequate funding to the education is synonymous to having a subsidized education which can be affordable by all. I have read in Prof. Banjo’s autobiography where he wrote that that was time the government give subvention to private educational institutions because these institutions are assisting the government to fulfill her roles.
I hope students will not be incapacitated to fulfill their dreams of being unable to pay within the stipulated time. No doubt, the availability of this student loan had grant access to skyrocketed fees in our tertiary education. That a student doesn’t have money, obtaining the loan is the best piece of advice you can give which is not supposed to be so.
Why they make education subsidized instead of the loan? Divert the money for loan to provide subsidized education. So simple. Providing loans (that will incapacitate) because you want all Nigerian students to be educated isn’t the best solution.”
Afolabi Saheed Babatunde, Faculty of Law
“He who opens the door of a school shuts the door of a prison. The student loan bill is a good initiative from our government, an international practice to make education available to the less privileged. If we look at our current economic realities where subsidies are being removed from almost every sector that used to be subsidized which education is one, one will agree that the initiative isn’t only thoughtful but also crucial at this very point in our nation. This loan will promote equal access to education and alleviates the financial burdens that hinder students’ academic success, as some struggle to balance their studies with part-time jobs to cover tuition fees and living expenses. Additionally, this initiative empowers students who never thought they could pursue higher education, enabling them to contribute positively to society. However, the repayment aspect poses a challenge due to the high level of unemployment in the country. To mitigate this, the government must prioritize job creation and foster an enabling environment supports business growth and private sector development so there can be more jobs. So, the advantages outweigh the pitfalls. The benefits are valuable than the shortcomings which should be tackled so it doesn’t become a problem in the future.”
Bankole Elijah, Faculty of Arts
“There’s an agenda behind that loan. Of recent, Federal Government did not meet up to ASUU demands. Their response was that ASUU should find a solution which should be an increment in academic fees. Universities under ASUU are public universities for children of the masses who are indigent. The advantages are that those who cannot afford school fees at this point can have a little access to education by opting for the loan. However, education is a right and should be accessible to all. It should not be too expensive. The pitfall is that those who apply for student loan and obtain it will later find it difficult to pay back. First, we are in a country with high level of unemployment. This student loan will lead to indebtedness and incapacity of these students to achieve plans after acquiring their degree.”
Olajolo Olukayode, Faculty of Law
“It’s a welcome development. I think the pros are clear – students being able to afford school fees though they have to make repayment. Overall, it’s beautiful. Cons? Well, that could just be everyone that applied not being able to get approval and be subsequently paid. I don’t think the pitfalls outweigh the advantages.”
Salaudeen Ridwan, Faculty of Arts
“I think the loan is a good thing. At least, students wouldn’t have to run around to pay fees like they used to. From the look of the loan requirements, it is not so complex, it’s easily accessible as long as you are a Nigerian student.”
Ayomide Oyinade, Faculty of Agriculture
“After graduation, we will become indebted because they would take their money from whatever money enters our account even our alawee. Those in abroad collect student loan and pay when they want to. Once students graduate abroad, they get a job immediately. It is not the same in Nigeria. You might later have to depend on earnings from a skill before you are employed. How then will you be able to pay back student loan if this is your fate. It is to our disadvantage!”
With the news of the Nigerian Education Loan Fund approving the loan disbursement, expectations are high, particularly among indigent students who are facing a daunting deadline to pay the steep school fee increase or risk losing their admission.
