End of guarantor era to increase loan accessibility for students – CEO SLTF

The Chief Executive Officer (CEO) of the Students’ Loan Trust Fund (SLTF), Nana Kwaku Agyei Yeboah, has disclosed that students no more need guarantors to access their facility.

He indicated that the ruling government has fulfilled its pledge of making access to loans from the SLTF hassle free, and passed the law that requires students to only present their Ghana Cards to facilitate loans to support their education.

Running up to the 2020 elections, the New Patriotic Party (NPP), promised that all tertiary students except those in teacher and nursing training institutions will be able to secure loans without a guarantor if President Akufo-Addo was retained.

The Vice President of Ghana, Dr. Mahamudu Bawumia made this announcement at the launch of the NPP 2020 elections manifesto. He explained the move will aid in building the human capital for the country.

Two years on, the government has fulfilled its promise to the people with parliament passing the law to allow students access loans without guarantors.

Delivering a speech at the 3rd Congregation and Matriculation ceremony at the Ghana Withrow Nursing College at Asaama in the Sekyere South District, Nana Kwaku Agyei Yeboah stated, “It is true in the past when one needed a loan they had to get a guarantor. The guarantor had to be someone who was a worker or contributed to SSNIT and this made it difficult for a lot of people to access loans because they didn’t have a guarantor.

"Now the government has brought something new and parliament has passed the bill into law. Now anyone coming for the loan doesn’t need a guarantor.

"You only need to be a Ghanaian, have your Ghana card and be a Ghanaian in an accredited public or private tertiary institution to access the loan,” he shared.

He noted that effective immediately, students can apply for loans on their web portal sharing excitedly, “we have moved the barrier to the accessing of funds and now we can all access funds for our education.”

The Students Loan Trust Fund (SLTF) was established in December 2005 under the Trustee Incorporation Act 1962, Act 106.

The objectives of the Trust Fund are to provide financial resources for the sound management of the Trust for the benefit of students and to help promote and facilitate the national ideals enshrined in Article 25 and 38 of the 1992 Constitution.