THE Nigerian Education Loan Fund (NELFUND) has brought renewed hope to many students across the country, particularly those in federal universities such as the University of Maiduguri (UniMaid). The student loan scheme, backed by the Federal Government, is designed to provide financial support for students struggling with tuition and other academic-related expenses. This initiative has the potential to significantly transform both the academic and personal lives of students in Maiduguri and beyond.
With the introduction of the student loan, many students who were on the verge of dropping out due to lack of funds now have the chance to continue their studies. Parents and guardians are also less pressured to raise tuition and other school-related fees, bringing much-needed relief to households already battling economic hardship.
Financial stress often affects students’ ability to concentrate and perform well academically. With this burden eased, many are now able to focus better on their studies, which could lead to improved academic outcomes. Beneficiaries of the loan also report a sense of empowerment and dignity, knowing that they have a support system. This, in turn, gives them confidence and motivation to pursue their goals.
However, the scheme is not without its challenges. Some students remain hesitant to apply due to fears of being burdened with debt after graduation. There is, therefore, a strong need for transparency in repayment terms to address these concerns. In addition, not all students are fully aware of how to apply for the loan or meet the requirements, making sensitisation and guidance within the university community essential.
There have also been reports of delays in processing and disbursing the loans, which can disrupt academic plans, especially for students relying on them to pay tuition fees. To make the scheme more effective, both NELFUND and school authorities must work together to address these issues.
In conclusion, while the NELFUND student loan scheme comes with both positive and negative aspects, its benefits outweigh the drawbacks. If properly managed and supported, it has the potential to make a lasting impact on the lives of students at the University of Maiduguri and across the country.
Sonia Sarki, Department of Mass Communication, University of Maiduguri