There is increasing worry regarding the escalating debt of Nigerian students studying at British universities, following a year of consistent devaluation of the naira, reports PIE News
Many Nigerian students have experienced a significant increase of 300% in costs this academic session following the fluctuating rates of the naira and shortages of foreign exchange.
A rising cost-of-living crisis in the UK and extreme pressure on foreign exchange back home in Nigeria, have restricted payment options, including support from family or diaspora overseas.
As the final academic term approaches, many universities are facing a tough decision regarding the potential withdrawal of students who have not paid tuition fees on time, or letting them complete and graduate.
Students are usually withdrawn if they fail to pay 100% of their tuition fees by an agreed date.
Some Nigerian students in UK who spoke about the failures to pay their tuition fees have appealed for more time.
One of the students, who begged not to be named said :
“Before setting out on this endeavour [of studying in the UK], most people have their [financial] plans set out. I work 20 hours to cover my expenses here, but most of the money for tuition was saved [already],” he said.
“But now, within the space of four or five months, the exchange rate has jumped over 300%. [That budget] is not going to add up anymore.
“Because of our changing situation we’re expecting some level of flexibility from the school. Make some changes, help us, give us some time to get these payments out. But the school has been quite rigid about it actually. We’ve been appealing to them to just be flexible.
“Some students have been withdrawn. I understand saying ‘we want the money now’ but I feel like it’s not right in my opinion. We still have time on our courses. Most of the students cannot combine the pressure from the school [with work], the academic pressure is a full-time course on its own.”
Speaking on stage at The PIE Live Europe conference, Bimpe Femi-Oyewo, founder of Edward Consulting in Nigeria, described how university finance teams often hold agents to account for student payment issues that arise.
“I do understand that there are some international students that are going to need instalment payment. That’s just the truth,” said Femi-Oyewo.
“I was an international student [myself] and without an instalment plan, I’m not sure that I would have been able to get that degree on time.
“However, I think that the university should not penalise the agent for the fact that your school has an instalment payment. There has to be a better approach in situations like that.
“I think that as long as more than 50% [of a student’s tuition] has been paid, I feel like we should get paid, right? And that would be in about three months maximum, depending on when that student begins.”
