By By Salma Gozaria 300lvl Mass Comm
In 2024, the Nigeria Education Loan Fund (NELFUND) was officially established with the aim of providing Nigerian students with full access to higher education and functional skills development through student loans. Designed to ease financial burdens, the program provides student loans alongside a monthly upkeep allowance of ₦20,000, with the agreement that repayment will begin two years after the beneficiary completes their National Youth Service Corps (NYSC).
This program represents a well thought of initiative to address educational inequality, it has created and renewed the hopes of many; providing a blueprint of a promised land that many students have long envisioned. Yet, the initiative still stems a mix of hope and concern, which is noted from the voices of some of its early beneficiaries.
Abdullahi Lawal, a 300-level Mass Communication student at ABU, described the initiative as a welcome development, but he believes there’s room for improvement. “If the government can lend out such an amount of money, they should have resolved the lingering issues they have with the lecturers by increasing their salaries and making education more affordable rather than introducing a loan.” Although he is pleased with the overall initiative, he simply wishes he didn’t have to take a loan reflecting on the harsh realities of background and upbringing. "The repayment terms bothers me,” he adds. “What if I don’t get a job immediately after graduation?”
On the contrary, a student who prefers to maintain anonymity takes a more cynical view. “Na them take NELFUND seriously.” He laughs. Having benefited from both the tuition and upkeep., he sees NELFUND as an opportunity to have a share of the “national cake”. He explains that although his actual fees are N46,000 but N120,000 was showing on his dashboard. “I am not bothered at all because I’m not paying anything in the end.”
Also, Isah Kakanda, another beneficiary, took his time before applying for the loan. He explained that he got encouraged when he understood that the government was simply trying to ease the financial burden of families like his. Satisfied with the percentage and payment terms, he applied and encouraged his brother to do so as well. “the loan will not only make you think of the future, but it pushes you to do your best at school.” He stated.
0 Comments