Students Loan Trust Fund dismisses reports of defaulting payment to beneficiaries

The Students Loans Trust Fund (SLTF), says it upholds and will forever keep living up to its mandate of providing loans to qualified applicants.

Reacting to a claim by the National Union of Ghana
Students (NUGS) that the Fund had defaulted in paying loans to qualified applicants for the past two years, it urged the public to disregard the claim as untrue.

According to the Fund, all existing beneficiaries have been receiving their disbursements over the said period.

In a press statement on Tuesday, the Fund said, “Over the years, it has become evident that the most significant barrier to needy students accessing the student loan, is the requirement that they produce a guarantor who is an active contributor of the Social Security and National Insurance Trust (SSNIT).

“In order for the “no guarantor” policy to be implemented, it became necessary to amend the SLTF law. The Students Loan Trust Fund (Amendment) Bill, 2021 was, therefore, drafted and laid before Parliament.”

The Fund further explained that “For the period that steps were being taken to amend the law, the SLTF was unable to disburse any loans to NEW applicants. However, all existing beneficiaries of the Fund continue to receive their disbursements.”

“We are pleased to announce to stakeholders and the general public that the Students Loan Trust Fund (Amendment) Bill, 2021 was passed by parliament in March 2022.

“We are currently completing implementation modalities with the Ministry of Education. Once modalities are completed, the SLTF will begin to receive applications from new applicants.”

The SLTF apologised for the inconvenience the process may have caused to potential beneficiaries.

It assured stakeholders that this was necessary in order to widen access to student loans in Ghana.

Source: thehappyghana.com