Expert urges gov’t to reform student loan scheme, allow flexible repayment options
Story from Maimunat MOHAMMAD
A public administration lecturer at Kwara Polytechnic in Ilorin, Olowookere Abdulrazak, has called on the Federal Government to make changes to the student loan scheme and transform it into a social investment initiative that offers more flexible repayment options.
Abdulrazak suggests that introducing flexibility in the repayment terms would make the scheme more accessible to students, enabling them to repay their loans without undue financial hardship.
READ ALSO: NASS approves student loan bill with imprisonment clause for defaulting students
He made this appeal during an interview with the News Agency of Nigeria in Ilorin on Friday.
Although he recognised the government’s initiative in launching the loan programme, Abdulrazak emphasised the difficulties faced by students, especially in light of the country’s high unemployment rate.
He urged the government to tackle the problem of loan recipients who may struggle to find employment after completing their studies and to design repayment plans that can accommodate their individual situations.
Abdulrazak also called for a review of the student loan act provision that imposes an N500,000 fine and a two-year jail sentence on defaulters.
His requests aimed to create a more accommodating and viable student loan system that considers the real-life obstacles faced by loan beneficiaries and fosters a more supportive environment