Chief Executive Officer of the Students Loan Trust Fund (SLTF), Nana Kwaku Agyei Yeboah
Beneficiaries of the students’ loan are expected to increase from 10 per cent to 60 per cent when the ‘no guarantor policy’ takes off this academic year.
Currently, only about 10 per cent of eligible students in public and private tertiary institutions benefit from the loans trust fund.
However, the Chief Executive Officer of the Students Loan Trust Fund (SLTF), Nana Kwaku Agyei Yeboah, has said a survey the Fund has conducted has shown that more students were keen to access the fund if the burden of getting guarantors was removed.
“On the average, about 10 per cent of eligible students apply for the loan. The current Guaranteed Scheme was also 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 per cent to 60 per cent,” the CEO of the SLTF, Nana Kwaku Agyei Yeboah told the Daily Graphic in an interview.
The no guarantor policy is a campaign promise of the ruling New Patriotic Party (NPP) during the 2020 electioneering. It is also captured in the party’s 2020 manifesto.
During the party’s manifesto launch on August 23, 2020, the Vice-President, Dr. Mahamudu Bawumia, said: “All tertiary students except teacher and nurse trainees who will be on allowances, all tertiary students will now be able to get the option to obtain a student loan without the requirement of a guarantor."
He explained that: "The current loan scheme asks for guarantors and you know a lot of people are not willing to put their pensions on line so the students are not able to access it. So you don’t need a guarantor; all you need is your national ID card (Ghana card) that is all