Acting Principal Manager of Students Loan Trust Fund (SLTF) Mr. George Ferguson has noted that about 8-10% of the entire tertiary student population in the country are been registered to the Students Loan Trust Fund per annum.
Disclosing to Adoanewsonline during an interview with Reginald Addy on AM. Ghana, Mr. George said, about 1 hundred and forty thousand students have benefited from the Student loan since its establishment in 2015.
According to him, The student’s loan is to give financial assistance to the students in respect to their education. In acquiring a student’s loan, a “means testing” is required thus a scientific approach to arrive at the financial needs of students. Its ideology is to get the socioeconomic standing of a student. He stressed.
A student can receive a minimal amount of 1,500gh per academic year with a Maximum amount of 3,000gh of the Student Loan Trust Fund. He said.
In response to some promises made by the NDC in their manifesto;
a. “Abolish the requirement of guarantors as a pre-condition for accessing student loans to enable more students who need financial assistance access the loan”.
b. “Replaces the guarantor eligibility system with possession of a recognized National Identity Card to facilitate tracking post-school tracking and loan recovery.
c. “Extend loan repayment period to ten years including a three-year moratorium to commence repayment.
Mr. George Ferguson noted that the Students loan trust fund initially, had a guarantor requirement of 3 people who need to be SSNIT contributors of which was reduced to a single guarantor requirement due to difficulties by most applicants in securing guarantors. He discloses that the trust fund has alternatively involved entities such as head of churches, chiefs, and assembly executives inclusive with the Single guarantor requirement as means of procedures to enable applicants or students have easy access to the Students Loan Trust Fund.
Mr. George Ferguson also hinted that the mode of payment of these loans from applicants is not contingent on employment status. Payments are done after 6 years of the applicant’s requirement with an interest rate of 12% he said.
Story By: ANFRED