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Full Project – IMPACTS OF MONETARY FUNDING ON STUDENTS ACADEMIC PERFORMANCE IN LAGOS STATE

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CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

In Nigeria as well as in other countries, education is perceived as a tool for socio-economic and political developments and as such it is accorded the necessary attention. This position is amplified in the Nigeria’s National Policy on Education, which stated that education is an instrument par excellence for effecting national development (FGN, 2004). It is added further that education shall continue to be highly rated in the national development plans because education is the most important instrument of change and that any fundamental change in the intellectual and social outlook of any society has to be preceded by educational revolution.

The obvious importance of knowledge creation to development has long placeduniversities at the centre of the efforts of governments to increase the rate at which theireconomies grow. Around the world, as the processes of globalization and technologicalrevolution create greater demands on firms and nation states to compete more effectively,countries and firms are turning to universities to assist in the development of innovativecapacity.The pride of educational system depends not just on the quantity but more importantly, on the quality of its products at all levels. The quality of the products in turn depends largely on the quality of the education diet that students receive in tertiary institutions and which is also dependent upon the standard of control that lecturers and students enjoy. It has been observed that, the problem of adequate and effective quality control has been responsible for producing students who remain half-baked and could not assist the society in which they find themselves (Erinle&Abioye, 2003).

“Poverty must not be a bar to learning, and learning must be an escape from poverty.” Thesewords were spoken by President Lyndon B. Johnson in his “Great Society” speech of 1964 (Johnson,1964).

Monetary funding, coming in the three major forms of grant, loan, and job, is what makes higher education affordable to the children of families who would otherwise be excluded by price. Monetary funding in all three forms comes from a variety of sources, predominantly being institutional, state, and federal. Much research has been done investigating the impact of various forms of monetary funding on students social behaviors, needs (housing, standard of living, feeding, clothing,), resources (books, and financial security), college entry, eventual college graduation, and future earnings, yet not much has been done on students academic performance outcomes both positive or negative. This study looks to focus on one specific possible externalityof monetary funding’s impact on academic performance. Since the point of any institution is to learn, academic performance takes a central role in defining whether or not learning has occurred. Hence, any effects that a monetary funding package may have on academic performance would need to be seriously considered when discussing policy changes that adjust the makeup of grant, loan, and job in meeting a student’s need. Any type of monetary funding is better than none when there is a strong need, but the potential consequences are not always obvious.

This research study was prompted due to the variations in academic performances of students in tertiary institutions. The teriaryinstitutions comprises of students from various social background/status, like those from a wealthy family, those who sponsor themselves thorough pat-time jobs they acquire, and those from low income (poor) family. It is known that students from low income family do perform better than students from wealthy homes, and sometimes better than students assisted with monetary funding through scholarship or loans. Students under the financial scheme programs are known to have everything i.e. books, social needs; good houses,financial security, at their disposal,which thus support their academic performanceand study life. However, this can not be said to be seen with those from the low income family or without monetary funding, but yet, we find such students even doing better than their counterpart.

Therefore, the research finds it imperative to study if any, the impact of monetary funding on students’ academic performance.

1.2 Statement of the research problems

The high rate of dropout of students from tertiary institutions due to poor academic performance cannot be overemphasized. It has also been observed that the academic performance of most students in the tertiary institutions has been very poor, which have led to producing half-baked graduates. Therefore, many wonders’ if monetary funding such as; scholarships or students loan, could be a strong policy instrument in improving students success. While there is some evidence to support the connection between student persistence and monetary funding (e.g., Cabrera, Nora & Castaneda, 1993; Bettinger, 2004), additional research is needed to better understand the causal impact of aid on a number of measures of college success. The study provides answers to the under stated research questions and hypothesis.

1.3 Purpose of the study

The research attempt to determine the relationship between monetary funding and students’ academic performance in the tertiary institutions.This was carried out to recommend solution to problems of low academic performance in our educational system.

The study sought to find out:

The various types of monetary funding available in the in the tertiary institutions.
The impact of the monetary funding on students’ academic performance.

1.4 Significance of the Study

This research will serve as an avenue for encouraging the government (federal, state, local) into providing targeted monetary funding scheme and students’ loan programs that will make funds available to all students who wish to borrow for their higher education. It would also help in benefiting the students from poor background in their social and academic needs, since the loan received is to cover the direct cost of education (tuition, fees, and educational supplies, including computers) and in some cases, living expenses until they finish their studies. And finally, produce students of excellent performance that would have positive impacts on the social economy of the country.

1.5 Research Questions

The research questions are in lieu of research hypotheses. The study sought to find answers to the following questions:

Is there any correlation between monetary funding and students’academic performance in tertiary institutions?

2.Doesmonetary funding predict the academic performance of students in tertiary institutions?

Does availability of monetary funding predict the academic performance of students in tertiary institutions?
Will the provision of monetary funding predict the academic performance of students in tertiary institutions?

1.6 Scope of the Study

The scope of this study focus on any effects that monetary funding package may have on academic performance of students. It is delimited to 200level – 500 level students respectively, who are pursuing various degrees in sciences and engineering in the Yaba College of Education Yaba, Yaba local government area.

1.7 Definition of Terms

Monetary funding: Are the monetary inputs or resources available for students’ educational program. These include money allocated by government

scholarshipgrants, private organization, or through part-time job.

Students’: are the beneficiary of the financial scheme that is meant to aid their educational program.
Academic performance: refers to students’ performance in their various

courses at different level of studies.

Gates Millennium Scholarship (GMS): is a private body that gives

Scholarship to students’ of IllinoisWesleyan University.

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