On Friday, July 8, the Students Loan Trust Fund (SLTF) disbursed a total of GH12 million in loans to recipients at higher institutions all throughout the nation.
This distribution, which is the first payment made following the formal start of the "No Guarantor Loan Scheme" on June 9, 2022, benefited 10,000 students from 148 higher schools around the nation.
This information was released to the media in Accra on Friday by Nana Kwaku Agyei Yeboah, the SLTF's chief executive officer, who stated that "the sum covers payment to just first-time applicants for the first semester of the year."
According to him, the University of Education, Winneba had the highest number of first-time applicants (1,523), followed by the Kwame Nkrumah University of Science and Technology (KNUST), which had 787 students, the University of Ghana, which had 511, Koforidua Technical University, which had 488 students, and Takoradi Technical University, which had 371.
According to Nana Kwaku Agyei Yeboah, the lowest amount each student got varied from GH1,500 to GH3,000 based on their requirements following a means-testing evaluation by the SLTF before to payment to the students.
The payment will significantly lessen the burden on students while they continue their study on numerous schools around the nation, according to the CEO of SLTF.
The country's continuing students who are recipients of the Students Loan Scheme were all paid in March of this year, according to the CEO.
He promised that every effort would be taken to guarantee that beneficiaries received payments of monies to students on schedule in order to prevent financial difficulties for the students.
The government must always have enough money to operate the programme for the benefit of others, thus Nana Agyei Yeboah urged the program's participants to willingly repay their loans.
The CEO stated that the only applicants who have not received payment to yet are those who have applied but have not submitted all the necessary data to the programme and advised them to complete their paperwork quickly and provide their biometrics so they might get compensated.
In order for them to take advantage of the loan, which was freely available to all qualifying students regardless of political, social, religious, and ethnic orientation, he urged those who had not yet applied to the programme to do so.
Background
For many students at the nation's postsecondary institutions, finding individuals to guarantee student loan applicants' applications used to be a significant difficulty. In order to guarantee that tertiary students may easily get loans to fund their study, the President Akufo-Addo-led administration introduced the "No Guarantor plan" as a result.
Many Ghanaians have praised the government for the smooth implementation of the new programme, which has provided significant relief to parents, students, and educational institutions.
Beneficiaries must have E-zwich cards, a smartcard produced by the Ghana Interbank Payment and Settlement System Limited (GhIPSS), in order to ensure that their monies are distributed to them without too many difficulties.
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