Introduction to the Alternative Sources of Funding Students’ Education in Higher Institutions in Nigeria
In the 1970s to 1990s schooling in Nigeria was one of the best things one can ever think of, students had all their fees paid by the government, hostel accommodations were available for all students, three square meals were available to all students, students’ clothes and bedding materials are well taking care of by the higher institution laundry, and students enjoy all the luxury in the academic environment.
Toward the late 1990s till date, education in higher institutions in Nigeria began to take another dimension, students had to pay for their fees, and hostel accommodation, and no more than feeding, clothes, and bed materials were handled by the students, what they enjoyed years back are no longer available these days. Students get to pay for nearly all things in the higher institutions in Nigeria.
The government is trying her possible best to ensure that higher institutions in Nigeria become like their counterpart outside the country by voting 2% of their industrial taxes in the commission known as TETFUND. The TETFUND is saddled with all the responsibility of providing facilities such as buildings, textbooks, transportation facilities for staff and students, staff professional growth and welfare, laboratory and library facilities, sports facilities, and so on.
The government of Nigeria is trying her possible best to ensure that education becomes its topmost priority but inadequate resources coupled with student populations in Nigeria are making holistic funding difficult, higher institutions have resulted in to hike in school fess as an alternative to funding, which have made the less privilege in country dropout of schooling.
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Alternative Sources of Funding Students in Higher Institutions in Nigeria.
As the higher institutions in Nigeria began to increase school fees, it is pertinent to look at other alternative sources of funding for higher institutions that students utilize in their cost of schooling. Some of the alternative sources of funding students’ education in higher as submitted by the British Broadcasting Commission are.
Scholarship
Local community organizations, foundations, and business organizations can offer scholarships to students pursuing higher education higher education Nigeria.
A scholarship is a motivational tool for encouraging less privileged, intelligent, and educationally backward individuals in the community, state, and country.
Scholarship is an ancient alternative sources of funding students’ education in higher institutions, and primary, and secondary school schools in Nigeria.
Local communities can pull their resources together to sponsor one of their most intelligent children through higher institutions. Local foundations that have education as their focal mandate can contribute by offering scholarships to indigent students.
Most government agencies and commissions affiliated with regions have a core mandate of offering scholarships to indigenes students who are interested in traveling abroad to continue their studies.
Employers Tuition Fee Assistance Programs
Employer’s tuition fee assistance Programs are another alternative sources of funding students’ education in Higher Institutions in Nigeria.
Some institutions or organizations offer employees tuition fee assistance programs for employees who are interested in continuing their education.
Employees who are already working in an organization that wishes to continue their studies or pursue their career can apply to their organization to assist in the payment of their fees.
Employers’ tuition fee assistance programs will help reduce employee’s school financial burdens.
Educational Savings Accounts
Parents who have educational savings accounts for their wards can serve as other alternative sources of funding students’ education in higher Institutions.
Many commercial banks offer educational savings accounts where parents can deposit money for their children or wards for school expenses. The banks usually restrict withdrawers other than for the payment of school fees.
Peer-to-Peer Support
An individual with school financial burdens can reach out to their peers to support them financially.
These alternative sources of funding for students’ education in higher Institutions can help students complete their education with ease. Peer-to-peer support over the years has proven to be more effective in solving the problem of financial difficulty among students in higher institutions in Nigeria.
Loan from Community-Based Thrift
A loan from community-based thrifts can serve as an alternative sources of funding students’ education in Higher Institutions in Nigeria.
Many farmers and individuals in many communities in Nigeria as a means of saving their money contribute certain percentages of their money daily, weekly, and monthly into a particular account with an organized leadership structure.
These thrifts offer loans with five to ten percent interest to individuals on an annual basis. Students with financial difficulties make use of this platform to source revenue in financing their education.
This system of alternative sources of funding students’ education in Higher Institutions in Nigeria is basically for hard-working students who engage in farming or part-time work after school to enable them to pay back the loan with interest.
Engage in Part-Time Work.
Full-time students can engage themselves in Part-time work as an alternative Sources of funding, this part-time work can be on weekends and during lecture-free periods where students can take advantage of such periods to engage in part-time work to earn additional revenue to fund school expenditures.
Engage in Content Writing
Content writing can serve as one of the alternative Sources of funding students’ education in Higher Institutions in Nigeria.
Students with excellent educational backgrounds can be engaged as content writers for publishing industries or organizations which can serve as an alternative source of income for school expenses.
Scriptwriting for movie industries is another important source of income for students.
Online Business
With smartphones and laptops, students can have platforms for selling products online, and interested prospective customers can make a demand, and pay for a delivery, by so doing students can make reasonable profits to take care of themselves and their school expenditures.
Online businesses can also serve as alternative sources of funding students’ education in Higher Institutions in Nigeria.
In conclusion
This article is a veritable tool that can serve as a solution to students’ academic financial difficulties. With the increase in school fees, it has become very difficult for students to pay their school fees, and dropping out of school is imminent.
If students make use of the alternative Sources of funding student education in Higher Institutions as enumerated in this document such as employers’ tuition fee assistance programs, peer-to-peer support, Loans from community-based thrift, engage in part-time work, and engage in content writing and engage in online business.
They will be able to solve the problem of school financial burdens.