The Academic Staff Union of Universities (ASUU) beneficiaries of student loan initiatives in other countries were committing suicide over their inability to repay debts.
The ASUU National President, Prof Emmanuel Osodeke stated this while speaking on a television programme, said, We, as a union also did research of countries all over the world, of people who have benefited from this loan, they were committing suicide, adding that: Recently, (President Joe) Biden is trying to pay back the bank loans of some who borrowed in the US.
He further said, This would have been better if we are giving it to those set of students who are very poor, it should be called a grant, not a loan.
It should be called a grant, since it is coming from the Federation Account; and not that (after) these people have accessed it. And when they are graduating, they have heavy loads behind them, and within two years, if they dont pay, they go to jail.
Osodeke, therefore, asked President Bola Tinubu to change the newly assented Students Loans Act to grants for poor students.
The Student Loan law provides interest-free loans to poor Nigerian students. The loan repayment starts two years after the beneficiary completes the National Youth Service Corps, (NYSC).
However, the ASUU President said the policy is not sustainable, adding that the conditions for the loan are not practicable. According to him. more than 90% of students wont meet the requirements to access the loan.
The ASUU president asked the President to take another look at the new law, calling for a probe of the activities of the Tertiary Education Trust Fund, (TETFund).
