Student Loans and the Modern Day Slavery

Image credit: Stressinsider

By Olajumoke Kareem

It was recorded in history that Nigeria gained independence in 1960, which birthed a nation of sovereignty and identity but why do our actions keep taking us back to what we’ve left ages ago?

Do you know one significant thing about knowing your history? History acts as a nexus between continuity and the past. It helps us identify our roots, where we came from and serves as a compass to where we are heading to. The history of the Nigerian Education system as compared to what we have in our contemporary world has forced many to abandon it. Back then, the education structure was modeled to be like the British schools such that the accessibility to get educated was free. You just have to follow the necessary steps, write the necessary exams, pass and you are in. The then King’s college and Queen’s college were the glory of Nigerian schools back in those days. Come to think of it, there was never a report recorded that funds were an obstacle to being educated. It is either you pass a certain entrance exam or not. 

Education, they say, is the best legacy. While growing up, I was made to believe that education is free and should not cost a dime. During my secondary school days, my teachers always made us believe how little they had to pay for being students in Federal Universities. They pointed out and made known the clear distinction between Private Schools and Federal University. A striking difference was their fees. But now, can that be said of that now? Federal Universities, once regarded as the free gates to freedom in the aspects of human educational life, are more or less a cage, pressured to suffocation and you might as well call it a waste of time to some people.

Student loans are finances provided by the federal government to students who are unable to continue their education due to insufficient availability of funds. Student loans like NELFUND, are like a bait to control not just the financial freedom of the student in the future but also deny the peace of mind of many Nigerian students even before, and after university life. They first introduce these loans disguised as a lifetime opportunity and should not be missed, but the question here is that, is the opportunity to pay back effortlessly in the future also provided? No. The provision of a well paid job after graduation is not even certain. After graduation they feel enslaved due to their inability to go back early.

These student loans which I see as modern day slavery also affect people's mental well being. One thing that is not so great about debt is that it brings with it mental and emotional baggage. A study published in the Journal of Psychological Medicine (2014) found that people with unmanageable debt were more than twice as likely to suffer from depression and anxiety disorders compared to those without debt. Mental illness is not the only psychological problem associated with owing a debt, it affects thinking process, mood, behavior, cognitive function, intellectual function and many more. Whichever way we choose to name it, a debt is a debt. A person can never remain the same knowing fully well that he/she is owing a debt and must be paid immediately after graduation. The mentality of owing a debt slows one's life achievements, moving forward in life becomes overwhelming and mentally frustrating. When you want to think of other things like investments, having children, building your own business or building your own family, you know you are not free as somewhere you still have a debt waiting for you. These, we can tag indirectly as modern day slavery to human wellbeing.

NELFUND provides tuition fees to the concerned students per session and this same government is also responsible for the increment of these tuition fees by more than 50%, and also refused every attempt and plea to reduce the fees to be affordable. A justified approach to the increment of school fees if you ask me. To me, all of this doesn't add up in any way. Seems like the government in partnership with schools used this scheme as a strategy just to tie and imprison students. It is another way for them to try and control and exploit the financial freedom of the people. Instead of that, they should work on the reduction of the tuition fee to relieve students of their financial burden and create an economy that can accommodate the yearly graduates. With that, some average Nigerians can still be able to save and afford to pay for their tuition without having to depend on government loans.

The education they promised us is not the education we are getting. The education we heard of as kids is not the one we are receiving now. They promised us an education of liberty to independence, a choice to live a standard lifestyle and become a valuable figure in the society but how is that done, when we can not even have peaceful thoughts?

Student loans are nothing like what they have described and definitely nothing like the problem they claimed to solve, but instead, they created a loop of endless problems, generational problems to be precise. It is a plot to keep the people on their pawns, disguising it as a financial relief. The loan is more of an avenue for the creation of financial liability among graduates in Nigeria and a remote control of our freedom to think.