How Universities and Institutions Can Ease the Squeeze of Inflation on Students

 

Nigeria's university students, already burdened with rising tuition and fees now face an additional formidable adversary: inflation. The inflation rate has soared to unprecedented heights, while the value of the naira is at an all-time low. The removal of fuel subsidies, the devaluation of the naira, and the unification of exchange rates have all contributed to the surge in prices

The burden of inflation falls on students. They are forced to become adept budgeters, painstakingly calculating every income and  expense and making difficult decisions. The rising cost of food necessitates sacrifices, skipping meals and eating less. Transportation costs have also risen, forcing some students to walk long distances to save money. With limited financial resources, they take on additional part-time jobs, skipping classes, and sacrificing valuable study time, all of which have a negative effect on their academics.

The challenges they face daily have been amplified, as they are faced with worsening financial uncertainty, with many students scrambling to find part-time jobs, to alleviate the financial strain.

Student organizations can help fundraise events, collect donations, and offer peer-to-peer support networks to assist struggling students. These initiatives, though seemingly small, have a profound impact. They not only address the immediate financial strain but also empower students to take control of their situation and build resilience. Additionally, they remind students that they are not alone in navigating these challenging times.

They can raise public awareness about the challenges faced by students and can garner support from individuals and organizations willing to offer financial assistance or resources. The Student Union provided relief packages in the first weeks of February and they are not the only student-led organisations to do this. This goes a long way in ensuring that students carry a lesser burden while they are at school.

 

However, the responsibility shouldn't fall solely on student organizations. Universities and institutions have a vital role to play in supporting these efforts. The university could increase need-based financial aid awarding scholarships, and work-study opportunities can directly address financial burdens. The university could also offer flexible tuition payment plans. This would allow students to spread out payments over a longer period and students don't have to pay so much at once. The university could also organise financial literacy workshops that can equip students with the knowledge and skills necessary to do the most with the money they have.

In addition to the financial challenges they face, college students also struggle with the  toll that the soaring cost of living takes on their mental health and well-being. The constant worry about finances can lead to anxiety and depression. The pressure to work extra jobs to cope with rising costs can lead to burnout, compromising their academic performance and overall well-being. In an effort to curb this, the university could expand already established mental health resources by increasing staffing in counseling centers, calling for volunteers, offering online therapy options, and providing workshops on stress management and financial literacy. Students could also help to improve the mental health of the student populace by developing  peer support programs. Students are trained to provide emotional support and connect peers with available resources.

The impact of inflation on students' mental health is further exacerbated by food insecurity. Food items that were once affordable have become luxuries, forcing students to make difficult choices leaving them skipping meals and making less-than-healthy choices when it comes to health care.

The weight of inflation on students' shoulders is undeniable, impacting their finances, academic pursuits, and mental well-being. However, this challenge need not be insurmountable. Through a collaborative effort involving students, universities, institutions, and the government, we can alleviate the burden and ensure that educational opportunities remain accessible to all. The rising cost of goods and services is making the path to academic success more difficult. Methods and means that are available to alleviate the burden, from the University, institutions and student-led organizations will be welcomed with open arms.

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