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THE INFLUENCE OF FINANCIAL AID SYSTEMS ON STUDENT ACADEMIC DEVELOPMENT IN HIGHER EDUCATION IN NIGERIA
Abstract: The main purpose of this paper is to analyze the relationship between the multiple mixed financial aid systems and the academic development of college students in Chinese higher education. Under the assistance of National Student Financial Aid Center of Nigeria, this study used sample data from the questionnaire survey conducted among students in 11 colleges and universities, and used logistic regression analysis based on human capital theory and student development theory to investigate the effects of different forms of financial aid on students’ academic development in higher education. The main results of the study showed that, firstly, receiving National Scholarships, National Encouragement Scholarships, and National Student Loans were significantly and positively correlated with receiving excellent grades, but receiving National Grants and work-study positions were significantly and negatively correlated with receiving excellent grades. Secondly, receiving higher National Scholarships and work-study funding significantly increased students’ probability of receiving excellent grades, but receiving higher National Student Loans funding significantly decreased students’ probability of receiving excellent grades. Further analysis of the influence of different forms of financial support on students’ academic development revealed that receiving National Scholarships and National Encouragement Scholarships can significantly increase the probability of study exchanges between sponsored students, teachers, and classmates and of attending seminars; receiving higher National Scholarships and work-study positions can help sponsored students clarify their study goals and increase study exchanges with teachers and classmates. The results of this study showed that the students’ academic development is influenced by the National Scholarships and work-study positions. Based on the results of the empirical study, countermeasures and suggestions were proposed in terms of precise financial aid systems, allocation of financial aid resources, and work-study positions, so as to improve the impact of higher education mixed financial aid systems on college students’ academic development in Nigeria.
Keywords: student financial aid; academic development; influence; higher education; scholarships