Oko-Irese, Irepodun Local Government, Kwara State, June 27, 2023
In a significant development aimed at easing the financial burden on students, Thomas Adewumi University and the education financing arm of Chams Plc, FinStudiez Ltd, have joined forces to sign a historic agreement on student loans. This collaborative effort between academia and the private sector is set to revolutionize higher education financing and create new avenues for students to fund their educational pursuits.
Under the terms of the agreement, Chams Plc, through FinStudiez Ltd will provide enhanced financial resources and expertise to support Thomas Adewumi University's commitment to affordable education. Key highlights of this transformative partnership include:
Lower Interest Rates and Favorable Terms: Students enrolled at Thomas Adewumi University will have access to student loans offered by Studiez at significantly reduced interest rates compared to traditional loan options. This will alleviate the financial burden on students and facilitate a more affordable pathway to higher education.
Flexible Repayment Options: The agreement ensures the availability of flexible repayment plans tailored to individual students' financial circumstances. This includes income-driven repayment options, extended repayment periods, and potential loan forgiveness programs, thereby promoting greater financial stability for graduates.
Scholarships and Donations: The agreement will also provide scholarships for undergraduate students and will help students with talents and abilities to succeed by not allowing funding to stop their chance of quality education. The agreement also provides a platform for philanthropists or individuals that are willing to give to the cause of sponsoring students' education.
Internship and Employment Opportunities: The partnership will create internship and employment opportunities for Thomas Adewumi University students within the public and private sectors. This collaboration aims to bridge the gap between academia and industry, offering students valuable real-world experience and potential career prospects while studying.
Financial Literacy and Support Services: FinStudiez Ltd will collaborate with Thomas Adewumi University to develop comprehensive financial literacy programs and support services. These initiatives will equip students with essential financial management skills and provide guidance throughout their academic journey, empowering them to make informed decisions about their loans and financial future.
The MOU signing ceremony which took place at the University’s Senate Chambers was attended by the University’s Principal Officers and the members of management, representatives from FinStudiez Ltd, faculty members, and representatives of the student body. Speaking at the event, the Vice-Chancellor, Professor Francisca Oladipo expressed enthusiasm for this groundbreaking collaboration, emphasizing its potential to make education more accessible and reduce the financial burden on students and their families. She further highlighted the University's history in brief relating to the Chancellor’s vision for the institution. She said, “TAU is a young private and non-profit university, we are the leading light in Kwara South and in Kwara State. As a self-sustaining university, we provide for our needs and impact our immediate community. The Chancellor is fully in support of the MOU signing as it gives access to students for full education with no ground for denying students access to education.” While welcoming the CEO of FinStudiez Ltd to the university, she also expressed her delight that TAU is one of the earliest universities to partner with FinStudiez Ltd on the student loan initiative.
The MD/CEO of FinStudiez Ltd, Mr. Opeyemi Eboka in his remarks, highlighted the company's commitment to investing in the future of education, underscoring the belief that providing affordable access to quality education is crucial for societal progress. He states that the educational financing company will provide help to students by funding, and also monitoring the students as they progress in their academic pursuits. The company will also assign mentors to the students under their financing initiative and further contribute to their training by placing them on internship training in organizations that will help them to bridge the gap between academics and society. The initiative will also provide job placements for the students upon graduation.
Following the preliminary activities, the signing ceremony took place between the two parties. The Vice-Chancellor, Prof. Francisca Oladipo signed on behalf of the University community and Mr. Opeyemi Ebuka signed on behalf of FinStudiez Ltd.
The partnership between Thomas Adewumi University and FinStudiez Ltd sets a powerful precedent, showcasing the potential of academia and private organizations’ collaborations to address the pressing issue of student debt. It exemplifies a shared commitment to fostering educational opportunities and ensuring that finance does not hinder students from pursuing their academic aspirations. As this innovative collaboration unfolds, students and stakeholders can anticipate more details regarding the implementation and specific benefits of the agreement. Both Thomas Adewumi University and FinStudiez Ltd are dedicated to working closely to ensure seamless execution of the program, with a focus on the welfare and success of the student community.