I have come across posts on social media where people are attacking the government for introducing student loans instead of making education free, especially because of how difficult life currently is for Nigerians. Some have also hammered on the taxes everyone is paying, arguing that such an amount of tax revenue could be used to offset the burden of these loans, thereby making education free for students instead of giving them loans.
I don't know how people see it, but as far as I can see, Nigeria cannot offer free education to everyone in the country. Doing so would probably lead us to borrowing even more than what we've been borrowing from the World Bank. The least the government could do to help students who are eager to go to school is to provide them with interest-free loans.
Oh yeah, in case many of you don't know, the loans are interest-free, and the student only has to start paying back two years after undergoing NYSC. This means that the student might have started working and earning by then.
The only problem is that securing a job or finding decent work after school is almost impossible in Nigeria. That's where the problem lies because, by then, the burden of repaying the loan would look very mighty and almost impossible to handle. By that time, the graduate might still be struggling to live a normal life, let alone having enough money to start paying back a student loan.
Some people have even said that the whole student loan thing is not necessary because it will only push someone into school and, at the end of the day, leave them in debt for the rest of their lives.
While some part of this argument is true, considering the poor economic situation we have in Nigeria, going to school and becoming knowledgeable is surely one of the ways a person can add a little meaning to their life. School is not a scam, as some people say, and everyone should be encouraged to go to school.
Education is also very expensive these days, and most times, a lot of people drop out of school when they can no longer afford the bills. I had some of my guys back then who couldn't continue their schooling because of financial difficulties. For these guys, the fact that they had gotten to that stage and already spent money on their education meant that they were ready and willing to continue their education, but somehow, they had to drop out because, at that time, there was nothing like a student loan.
The student loan scheme is a good thing, and the repayment idea is not bad either. The only issue is how battered my nation's economy is, which makes the repayment of the loan look more like a life sentence after graduation.
Should we pay more taxes to pay off the student loans and change the system to free education for all?
Nope, I don't support the idea of citizens paying more taxes so as to offset the loans of students. The only way I would suggest is having a well-functioning system where it won't be difficult for graduates to earn money after graduation and comfortably pay back their loans.
Thanks for reading.
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