The Chief Executive Officer of the Students Loan Trust Fund (SLTF), Nana Kwaku Yeboah has said students loan beneficiaries are expected to increase from 10% to 60% when the ‘no guarantor policy’ takes effect this academic year.
The increment comes after the National Union of Students (NUGS) this week petitioned Vice-President, Dr Mahamudu Bawumia for money given to students as loans to be increased and also fast track the “no guarantor policy.
Speaking to the Daily Graphic newspaper, the SLTF CEO said the only 10 per cent of tertiary students are able to apply for the loan because the current guaranteed scheme is making it difficult for them to apply for the loan.
“But in preparation for the no guarantor policy, we did a survey and it shows that about 60 per cent of eligible students are likely to access the scheme, which is a huge jump from 10% to 60%,” he told the newspaper.
Unlike the current system that guarantors were not ready to sacrifice their pension, Nana Kwaku Agyei Yeboah said the for the ‘no policy guarantor policy’ students will only provide a national ID card (Ghana Card) for the loan.
According to him, the Students Loan Trust Fund (SLTF) is awaiting approval from the government to start the implementation of the no guarantor system for this academic year for more tertiary students to benefit from the fund.
“We are getting ourselves in readiness for the implementation of the new policy. We have realigned our systems, for instance, upgrading the paperless application system.
“This is to enable us to be ready for the anticipated 60 per cent quantum leap in number that as soon as the government gives the go-ahead,” he stated.
Mr Yeboah further disclosed arrangements have been put in place to ensure a smooth repayment of the loan when the no guarantor policy takes effect 2021/2022 academic year through using mobile phones.
“We are also putting systems in place to augment government’s funding. We are revamping our repayment activities. An example is the recovery month that we have set aside doing a lot of media education on the need to repay.
“We have set up platforms to make repayment easy. In the past, if you were expecting people to walk to the banks to repay, most people would not,” the CEO told the Daily Graphic.
He said a call centre will be set up for interested applicants to the number 302751020 to call in and make enquiries about repayment and how to secure the tertiary loan.