Student loans Financial barriers

Access to higher education is universally acknowledged as a critical driver of individual empowerment and national development. In Nigeria, however, the pathway to tertiary education is often obstructed by financial barriers that prevent many deserving students from pursuing their academic aspirations. This financial exclusion not only hampers human capital development but also reinforces the cycle of poverty and inequality (Odia & Omofonmwan, 2007). Over the years, the demand for university education in Nigeria has risen significantly due to population growth, increased awareness of the importance of education, and a youthful demographic. However, this surge in demand has not been matched by a corresponding increase in public funding. Government subventions to public universities have remained relatively stagnant, leading to overcrowded classrooms, decaying infrastructure, and underfunded student support systems. Consequently, many students find themselves unable to afford tuition and associated costs, resulting in either non-enrollment or premature dropout. 8 Recognizing these systemic challenges, the Federal Government of Nigeria introduced the Nigerian Education Loan Fund (NELFUND) in 2023, as a bold and transformative step toward democratizing access to higher education. Enacted under the Nigeria Student Loan Act and signed into law by President Bola Ahmed Tinubu, NELFUND aims to provide interest-free loans to undergraduates in public tertiary institutions, thus removing financial hardship as a barrier to educational attainment (Edugist, 2023; Premium Times, 2023)