This study examined the impact of Social Impact Bonds (SIBs) as an alternative financing model for university education in Northeast Nigeria, particularly during economic downturns. A survey research design was employed. The study was guided by three research questions and two null hypotheses. The study population comprised 4,500 individuals, from which a stratified random sample of 400 respondents was selected. Data were collected using a structured questionnaire with a reliability coefficient of 0.87. Mean and standard deviation were used to answer the research questions, while ANOVA was used to test the hypotheses at a 0.05 level of significance. Findings revealed that SIBs are perceived as a viable financing model due to their potential to attract private investment and ensure accountability through performance-based funding. However, key barriers such as weak regulatory frameworks, lack of reliable data, and economic instability were identified as major challenges to implementation. The study further established that SIBs could enhance the financial sustainability of universities by diversifying funding sources, improving efficiency, and fostering public-private partnerships. Significant differences were found among lecturers, administrators, and private sector stakeholders regarding the feasibility and impact of SIBs. The study recommends strengthening legal frameworks, enhancing investor confidence, and piloting SIB programs in selected universities to assess their scalability