EducationGhana| June 12| 2022: Gov’t Launches No Guarantor Students Loan Policy:
The Students Loan Trust Fund (SLTF) has launched the “No Guarantor” student loan policy.
Henceforth, students in tertiary institutions will not need a guarantor to access loans from the Students Loan Trust Fund (SLTF).
With this policy, a student only needs an admission letter and a Ghana Card to access the loan.
This followed the launch of the ‘No Guarantor Students Loan Policy’ by the Vice-President, Dr Mahamudu Bawumia, last Wednesday at the Kwame Nkrumah University of Science and Technology (KNUST).
At the launch in Kumasi, he said the policy was aimed at making tertiary education accessible to all Ghanaians.
Dr Bawumia said the guarantor-free loan application for students was one of the benefits of the digitalisation process being undertaken by the government to build the economy.
He said the Ghana Card “gives us all the data we need about the students to take a decision about their loan and we are very confident that card provides us all the information we would need to recover the loan.”
Dr Bawumia indicated that an echo system was being built around the Ghana Card such that it contained all the information one needed on the passport, including digital address, would be embedded in the card.
“The Ghana Card number is now your National Health Insurance Scheme number, your Social Security and National Insurance Trust (SSNIT) number, and Tax Identification Number (TIN), and from July we will link all your bank accounts to your Ghana Card number,” he said.
Need for policy
Dr Bawumia said the implementation of the Free Senior High School (SHS) policy opened the floodgates for more people to have access to tertiary education.
However, he pointed out that due to lack of funds, some brilliant students were unable to access tertiary education and for those who were able to do so, the requirements for the student loans were such that some were unable to qualify for them.
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