Previously, one of the major obstacles for students who needed to access loans was the need for them to produce a guarantor which wasn’t easy for many of them. Now, “No guarantor policy” has been amended by Parliament after suffering a series of postponements at the last session.
The Students Loan Trust Fund (Amendment) Bill, 2021, was read the third time, with the motion moved by the Deputy Minister for Education, Rev. John Ntim Fordjour, on behalf of the minister responsible for education, and seconded by the Chairman of the Committee on Education, Kwabena Amankwa Asiamah.
During the consideration stage, the MP for Akatsi South, Bernard Ahiafor, raised issues with the sustenance of the fund if beneficiaries are made to access the loan without the state having anything to hold them to pay back.
Requirement to Acquire the Loan
In addition, The MP for Asante Akim North, Andy Appiah-Kubi, revealed that the “no guarantor” requirement of the new student loan regime would be checked using the National Identification System such as Ghana Card and digitalisation processes of the Government, arguing that the bill would benefit the underprivileged students.
How Will the Loan Be Repaid?
According to the MP for Trobu, Moses Anim, suggested that beneficiaries should be made to pay back the loan from their salaries, this will be done in employment after school and National Service.
Finally, this is a good news for tertiary students to acquire the Students Loan Trust Fund easily with no guarantor and this will provide them the opportunity to be more conscious and responsible for their studies since the loan will be repaid right after school.
However, this will also facilitate the provision of equal opportunities to everyone who wants to have access to higher education especially the underprivileged students.
How to Apply for the Students Loan Trust Fund?
Any Ghanaian student in an accredited tertiary institution in Ghana studying an accredited program can apply for loan.
• Have your Ghana Card
• Have a personal e-mail address.
• Register for an e-zwich card
For further details on the application, kindly log on to https://www.sltf.gov.gh.
By: Michael Djan
French Tutor and Digital Marketing Blogger/Content Writer and GhanaWeb Blogger @ frencheducationgh.com