Special Features

FG’s Student Loan: A Broken Promise?

Published

1 year ago

Oct 27, 2023.

In a nation brimming with potential, the hope of a brighter future for Nigerian students has dimmed once again. The Federal Government’s promise of a Student Loan Scheme, intended to provide a lifeline to struggling students, has fallen by the wayside, leaving countless young minds in a state of uncertainty and anxiety.

As we approach the end of 2023, the government’s commitment to implement the Student Loan Scheme remains unfulfilled. The promise was made in June of this year, with a targeted commencement date between September and October. Yet, with just a few days left to the end of their month, no action has been taken, and the student community across the nation is growing increasingly restless.

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The Student Loan Bill, an initiative spearheaded by Speaker Femi Gbajabiamila, sought to provide interest-free loans to indigent Nigerian students. The idea was simple and noble: to make higher education accessible to those who otherwise might not have the opportunity.

The bill aimed to facilitate easy access to higher education for disadvantaged Nigerians through interest-free loans administered by the Nigerian Education Loan Fund. It was a beacon of hope for countless young people striving to improve their lives and contribute to the nation’s development.

The National Association of Nigerian Students (NANS) confirmed that the loan portal remains closed, leaving students in the dark about their prospects.

One student, Uge Benjamin from the University of Abuja, voiced the collective concerns of many. “October is already ending, and I’m not sure there will be any positive news this month. But my appeal to the government is for it to finalize the process on the bill before year-end,” Benjamin implores.

The ramifications of this delay extend far beyond mere disappointment. It casts a long shadow over the entire education system in Nigeria. Government-owned universities, in a move that reeks of opportunism, have taken advantage of the delay in the implementation of the Student Loan Scheme to increase school fees. Some institutions have hiked fees by as much as 100% or even more.

This predatory fee increase not only adds a financial burden to students but also limits access to education, undermining the very purpose of the Student Loan Scheme. It erects barriers for those who aspire to learn, perpetuating a cycle of limited opportunities and social inequality.

Student loan

The reasons for the delay remain unclear, and speculations abound. Some suggest that the government is reconsidering the stringent conditions attached to accessing the loans. These conditions include providing guarantors, strict income limitations, and exclusions for those with previous loan defaults or criminal records. While some of these measures are necessary to ensure the loans are used responsibly, they must not be so onerous that they deter students in need.

The delay in implementing the Student Loan Scheme, coupled with exorbitant fee increases by government-owned universities, paints a grim picture of Nigeria’s commitment to education. It is a blow to the hopes and aspirations of countless students, and it undermines the very foundation of a nation’s progress – its education system.

The Nigerian government must act swiftly to uphold its promise of the Student Loan Scheme and ensure that every deserving student has access to higher education. It is a matter of national pride and a testament to the government’s dedication to the welfare and future of its youth.