That subsidy has been removed from education making students pay more for tertiary education in Nigeria is no longer news. As a matter of fact, students are already getting used to this new reality as more universities are coming up with increments that range from 100% to over 200% depending on the course of study. Even before the removal of subsidy on education, tertiary institutions, especially universities, had announced an increment in their tuition fees citing rising cost and inflation.
The removal of education subsidies and increasing school fees in Nigeria can present significant challenges for students and their families. To survive this situation and manage the burden of higher education costs, students can consider the following strategies:
Part-Time Jobs and Internships
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
Students can seek part-time jobs or paid internships while studying to supplement whatever comes from their sponsors. Increasing costs requires that students’ free time should be judiciously utilized to bring in income. Also embracing remote work that gives time to study and work is a good playbook. Students should also consider part-time work or holiday jobs
Applying for Scholarships and Grants
Research and apply for scholarships and grants from government agencies, private organizations, or the university itself. Scholarships can significantly reduce the financial burden of education. Multinational companies, religious organisations, indigenous groups and even private individuals do have scholarship offers or grants to study. Leveraging this would go a long way to reduce the burden of the rising cost of obtaining education in Nigeria.
Becoming a student-entrepreneur
One of the most highly sustainable playbooks for survival on campus is to become a campus entrepreneur. Thus would allow for constant income generation and cash flow. Students should consider starting a small business or freelancing to generate additional income. It could be an online store, tutoring, graphic design, writing, or other skills that can be monetized. This explains the importance of co-working spaces on university campuses. Innovation hubs such as Opolo Global Innovation that provide co-working spaces across its locations come handy here. Students should leverage on such opportunities to improve their incomes.
Floating Students’ Cooperative Housing
One feature of many universities in Nigeria is the presence of student-focused organizations. Whether at the faculty or departmental levels, there are always groups of students who have come together to pursue common interests. These groups could form a students’ cooperative housing arrangement which can help reduce living expenses, such as rent and utilities, by sharing costs among multiple students. This is most importantly critical in universities where accommodation is sought outside the campus.
Accessing the Government Students’ Loan
This is a financing option that has been powered by the present President Ahmed Tinubu administration. Accessing such a loan, backed up by an act of parliament, requires some eligibility criteria. Once students found themselves eligible, they should apply bearing in mind that they would have to pay back after graduation. This should push them to acquire relevant skills, whether related to their course of study or their passion, which could bring them employment as soon as they graduate.