Undergraduates Share New Concerns on Student Loans Amidst Tuition Fee Hike
On June 12, 2023, when President Bola Tinubu signed the Student Loan Act, his third piece of legislation, mixed reactions trailed the new law.
Part of the concern raised by the public was the apparent lack of accessibility to the loan and the fear of repayment. The President of the National Association of Nigerian Students (NANS), Usman Barambu, called on the government in August 2023 to amend the Act to make it easier for Nigerian students to access it.
However, 96 days after Tinubu assented to the Bill, undergraduate students from various institutions in Nigeria shared their thoughts on the loan amidst an increase in school fees by various institutions.
Iheanocho Godfirst, a 300-level student of the Federal University of Technology, Owerri (FUTO), told Neusroom that the reason why he’s not considering taking the loan is that he believes “there are better ways that would make a more significant impact in the school system.”
Another student, Nworu Nkwachi Conscience, from Michael Okpara University of Agriculture, Umudike, while agreeing that the loan could aid her in completing her education, expressed concern about whether the loan will “truly reach the student.”
She added, “It will make it easier, but it would be better for Mr. President to reduce the cost of school fees to enable students to afford it.”
Michael Okpara increased its tuition by 100% from ₦54,000 to ₦100,000 in 2022.
With the recent hike in school fees in various institutions, Onuoha Favour, a 500-level student from FUTO, raised concerns about the potential impact of the loan on people who, upon graduation and completing one year of Youth Service, might not have suitable jobs to repay the loan.
“Considering the prevalent unemployment rate and high competition in the job market, it would be a source of tension, anxiety, and, if not checked, depression for graduates who are unable to pay, as well as students with average to poor academic performance,” he said.
A student of Nnamdi Azikiwe University, who would not like her name mentioned shares Favour’s concern regarding repayment.
“There is no guarantee that I will get a job after studying, so how do I service the loan?” she asked.
Recall that Neusroom, on September 11, 2023, spoke with students of the University of Lagos (UNILAG), who are protesting the sudden hike in their tuition fees.
Fejiro Sagua, a final-year Mass Communication student, said that the increment will affect her.
“The increase is tenfold the initial amount. From my 200 level to my 300 level, I paid ₦16,500 as my school fees, but now I’ll be required to pay ₦200,000.”
While Sagua, whose younger siblings recently gained admission to universities, including one in UNILAG, is contemplating ways to assist her parents in covering her educational expenses, there are concerns that students who were previously considering the loan might opt out due to the recent hikes for fear of not being able to repay.
