Student Loan Policy: Polytechnic Lecturer Calls for Flexibility In Repayment

The Polytechnic Lecturer, who commended the Federal Government for its initiative, noted that the process of obtaining the loan is cumbersome and observed that the area of unemployment in the country, where beneficiaries can not secure a job after graduation should also be addressed in the student loan scheme, to ensure prompt repayment.

He said the scheme with its current arrangements needed to be reviewed, especially in the area of sanctions for the breach of the loan repayment and time frame, saying that 2 years after completion of National Youth Service Corps (NYSC) is too short.

Mr. Olowokere said that the student loan act stipulated that defaulters risk a fine of N500,000 and two years jail term.

Speaking on the declaration of federal government that it can no longer fund tertiary institutions, the polytechnic lecturer described it as saddening, explaining that tertiary institutions will have to look in ward to increase tuition fees to make up cost of maintenance of facilities and general recurrent expenditure.

lecturer of Public Administration disclosed that some institutions have released a significant increase in tuition fees for the next academic session.

Mr. Olowookere observed that the major issues affecting Tertiary Education is underfunding, which according to him, has affected teaching, learning and research works.

He expressed displeasure that most institutions have to cope with challenges of working with obsolete equipment, non payment of due allowances and controversial salary package system which had led to constant disruption of academic calendar.

Mr. Olowookere called on President Bola Ahmed Tinubu to redesign sustainable funding system for the country’s Tertiary Institutions that will guarantee stable academic environment.