The Students Loan Trust Fund distributes GH12 million to no-guarantor student loan applicants.
The Students Loan Trust Fund (SLTF) disbursed GH12 million cedis in loans to students in tertiary institutions across the country on Friday.
This release benefited 10,000 students from 148 tertiary institutions in the country and is the first payment made after the official launch of the "No Guarantor Loan Scheme" on June 9th, 2022.
The amount covers payment to only first-time applicants for the first semester of the year, according to the Chief Executive Officer of SLTF, Nana Kwaku Agyei Yeboah, who disclosed this to the media in Accra on Friday.
The University of Education, Winneba had the most first-time applicants (1523), followed by the Kwame Nkrumah University of Science and Technology (KNUST) with 787, the University of Ghana with 511, Koforidua Technical University with 488 students, and Takoradi Technical University with 371.
He stated that the lowest amount received by each student ranged from GH1500 to GH3000, depending on the needs of the students following a means-testing assessment by the SLTF prior to disbursement to the students.
Nana Agyei Yeboah stated that the payment would help students as they continue their education on various campuses across the country.
According to the CEO, all continuing students in the country who are beneficiaries of the Students Loan Scheme were paid in March of this year.
He stated that everything possible would be done to ensure that funds are distributed to students in a timely manner so that students do not face financial difficulties.
Nana Agyei Yeboah urged scheme beneficiaries to voluntarily repay their loans so that the government has enough funds to run the scheme for the benefit of others at all times.
The CEO said the only people who have so far not been paid were those who have applied but have not completed the submission of the required information to the scheme and urged them to expedite action in the completion of their documentation and take their biometrics so they could be paid.
He appealed to those who have not yet applied to the scheme to do so since they could also benefit from the loan which was readily available to all qualified students irrespective of political, social, religious and ethnic orientation.
Background
The difficulties involved in getting people to guarantee for students loans applicants used to be a major challenge to many students in tertiary institutions in the country.
This prompted the Nana Addo Dankwa Akufo-Addo-led government to introduce the No Guarantor scheme to ensure that tertiary students are able to secure loans to support their education without much difficulty.
Many Ghanaians have commended the government for the successful rolling out of the no guarantor scheme which had brought about much relief to students, parents and the institutions of study.
To ensure that beneficiaries received their funds without much challenges, they are required to have E-zwich cards (a smartcard issued by the Ghana Interbank Payment and Settlement System Limited (GhIPSS) for easy payment.
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