The demand for 100% increase in student loan
10 October 2024 |
4:12 am
Barely six months into the take-off of the Nigerian students’ loan scheme initiative of President Bola Tinubu, it is not entirely surprising that the recipients are already seeking a 100 per cent increase in the disbursement.
Barely six months into the take-off of the Nigerian students’ loan scheme initiative of President Bola Tinubu, it is not entirely surprising that the recipients are already seeking a 100 per cent increase in the disbursement. While citing reasons of galloping inflation and often higher fees being charged by the various institutions of higher learning are to be appreciated, such demand is not realistic, until the scheme settles down. For now, the loan beneficiaries should learn how to manage what they are currently getting from the government. The loan is to guarantee access to higher education, particularly by indigent Nigerian youths; but the students should not depend entirely on it for all their expenditures. They should see the scheme as essentially meant to complement other efforts to advance and finance their education at higher schools. The students are advised to consider engaging in some legitimate money-making ventures or services to be able to make ends meet in the struggle to realise their educational ambitions.
After an initial delay, President Bola Tinubu eventually signed into law the Student Loan (Access to Higher Education) (Repeal and Re-enactment) Bill 2024 on Wednesday, April 3, 2024, to guarantee sustainable higher education and functional skills development for all Nigerian students and youths. The re-enacted law, which repealed the Students Loan Act 2023, established the Nigeria Education Loan Fund (NELFUND) to provide loans to qualified Nigerians for tuition, fees, charges and upkeep during their studies in approved tertiary academic institutions in Nigeria. In a broader vision, the scheme is meant for protection of the country’s future by ensuring that citizens can fund their education, acquire critical skills and become productive contributors to national development.
The National Association of Nigerian Students (NANS), at a press briefing in Abuja recently, demanded that the Federal Government should increase the student upkeep loan from N20,000 to N40,000 to cushion the impact of the rising cost of living on the students. President of the association, Lucky Emonefe, who lamented the seemingly intractable economic hardship in the country caused by fuel price increase, foreign exchange instability and skyrocketing cost of food, said an increase in the loan for students’ upkeep would provide the much-need financial relief to the young Nigerians who are struggling to make ends meet.
There is no doubt that there is hardship in the country and that money plays a crucial role in advancing a student’s education. And really, how to survive in school is always a major cause of worry for indigent students to the extent that many of them may decide not to go for further studies, but increasing the loan being given to such students now, which is a debt to be paid in future, may simply increase the financial pressure on the government and possibly jeopardise the scheme. Students should appreciate that in the immediate past, there was no loan to students. The scheme has just started, and many more students are applying to benefit from the money that the government has been able to make available. The students should appreciate what the government has done, and in such a way that others can benefit. Besides, the demand for an increase at a time when the government is consistently complaining of lack of adequate funds to implement its policies and programmes and pay new wages for its workers who are also groaning under the high cost of living in the country may not immediately get the envisaged attention by the government.
Students should explore part-time jobs and other engagements to cover their cost of living in school. Some people believe it would be hard to do a part-time job amidst all the classes and full-time studying. However, a student can develop his or her flexible timings to engage in such jobs which are the most traditional way for students to earn money while also helping them gain valuable work experience. Many students can find jobs in retail and hospitality businesses. Some universities give their students job opportunities, such as positions in libraries, student unions and cafes, which are convenient and reduce commuting time. Beyond helping students financially, these jobs help them develop essential skills like time management, communication and teamwork.
Among such jobs is tutoring, an excellent way to earn money while helping others succeed academically. This can be done through university tutoring centres, local tutoring agencies, or independently by advertising services online or around campus. It is a highly flexible job that allows tutors to set their schedules and work as much as they can to make money. Students can also work as research/administrative assistants. Many universities usually have jobs for them, and these can be found on the student employment webpage. Usually, these jobs are for after-hours and do not take much of the time. One of the advantages is that students get extra credits and can build their resumes along with the extra money earned. Students can also earn money through delivery services. It is flexible and convenient. Fast food and other companies provide such opportunities. In most cases, one is allowed to set his/her schedule and work as much or as little as he/she wants for a steady income. It is perfect for students because it requires minimal qualifications. In this era of the Internet and social media, a student can work as a virtual assistant, offering a range of services such as managing emails, scheduling appointments, handling social media, and participating in research, all of which can be done remotely.
Those who have a flair for writing or making videos can start a blog or YouTube channel to build a source of income. It may take time to build an audience which is crucial for success in this regard, but once this is done, one can earn money through advertisement, sponsored content, and affiliate marketing. Students, especially those whose parents or guardians are farmers or who have acquired farming skills, can cultivate part of the vast land in their communities, planting crops that can be sold for money at harvest. Many great men, past and present, did it successfully when they were schooling. Others engaged in trading, dealing in fast-moving essential commodities on campus and outside the school environment. There are many other conventional and unconventional ways students can earn money while studying in higher schools.
Beneficiaries of the student loan scheme should bear in mind that the loan is a debt they must pay back. Where the loan is much, repayment can be burdensome for them in future. Working hard to make money as a student is a veritable way to go. It requires planning, effort and creativity, but with the right approach, one can find opportunities that fit his schedule and interests.
Related
Latest
6 mins ago
Muslim Rights Concern (MURIC), Sokoto State chapter, has called for more support to airstrike victims and requisite investigation on the incident. This is contained in a statement issued by the organisation’s Chairman in the state, Mr Mansur Aliyu, and made available to the News Agency of Nigeria (NAN) on Monday in Sokoto. Aliyu said that…
8 mins ago
Kenyan police forcibly detained dozens of demonstrators and a senator, AFP witnessed Monday, firing tear gas into small peaceful rallies protesting recent alleged abductions that have enraged the country. Security forces in the East African nation have been accused of carrying out dozens of illegal detentions since youth-led anti-government demonstrations in June and July.…
12 mins ago
The Guardian can exclusively reveal that barring any last-minute hitches, Super Eagles' weapon of mass destruction, Victor Osimhen will depar
34 mins ago
A legal practitioner, Mr. Oluwatobiloba Fatoki, has urged landlords and agents to always consider a reasonable rent increase and provide basic amenities and house maintenance for tenants. Fatoki said this in an interview with the News Agency of Nigeria (NAN) on Monday in Ibadan. Fatoki, a former Nigerian Bar Association Ibadan Spokesperson, called on landlords…
52 mins ago
Soldiers of the 6 Division of the Nigerian Army, in collaboration with operatives of other security agencies, destroyed 20 illegal refining sites, recovered 90,000 litres of looted petroleum products and arrested eight suspected oil thieves in a week. These operations were carried out between December 23 and 29 in the Niger Delta Region. The Acting…
1 hour ago
The Speaker of the Delta State House of Assembly, Rt Hon Emomotimi Dennis Guwor, has prayed to God that the year 2025 brings greater peace, prosperity, and happiness in the country. He sought for unwavering commitment of every Nigerian and critical stakeholders to the development of the State and the country at large. Guwor in…
1 hour ago
President Bola Tinubu has expressed joy over the re-opening of the Warri Refining and Petrochemical Company (WRPC) by the Nigerian National
1 hour ago
The National Drug Law Enforcement Agency (NDLEA), Kwara Command, says a total number of 929 people were arrested for hard drugs-related offences between January and December 2024 in the state. The state Commander, Mrs Fatima Popoola, disclosed this on Monday during a news conference at the NDLEA headquarters in Ilorin. Popoola said that those arrested…
1 hour ago
Rivers State Governor, Siminalayi Fubara, has presented a budget of N1.188 trillion for the 2025 fiscal year to the 3-man Victor Oko-Jumbo led Rivers State House of Assembly. The budget, tagged "Budget of Inclusive Growth and Development," aimed to consolidate the state's economic growth, accelerate development, and improve the living standards of its…
×
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.