The Students Loan Trust Fund (SLTF) has released the initial group of 30 borrowers who have defaulted on their loan repayments, publishing their names and details. The Daily Graphic carried out these publications on May 17 and May 22.
The outstanding loan amounts range from ¢1500 to ¢11,000.
This action by the SLTF is in compliance with the Students Loan Trust Fund Act 820, which grants the SLTF the authority to publicize defaulters as part of the necessary measures before pursuing legal action.
The Fund’s management considers this step essential to address the increasing demand for loans from tertiary students.
Nana Kwaku Agyei Yeboah, the CEO of the Fund, explained that the surge in demand is a direct result of the “no guarantor” policy and the greater number of students accessing tertiary education due to the implementation of the Free SHS policy.
“The government’s implementation of these two influential policies has provided students from the most underprivileged families with a genuine opportunity to pursue higher education. However, many of them face financial constraints and rely on the SLTF for subsidized government loans.”
He further emphasized that the SLTF is adopting various strategies to meet the rising demand for loans, such as diversifying funding sources and adopting a more proactive approach to loan recovery.
Rosemary Aryee, the Head of Repayment and Resource Mobilisation, stated that the SLTF has made significant investments in expanding the range of repayment platforms available to borrowers over the past few years. This was done to enhance convenience for borrowers and improve efficiency for the SLTF.
Borrowers now have the option to repay their loans through SLTF partner banks, credit or debit cards, mobile money, or the Ghana.gov platform. Borrowers residing in the US, Canada, the UK, and Europe can also use the PayAngel platform to make regular payments.
Ms Aryee mentioned that the SLTF is now shifting its focus to enforcing the law by prosecuting borrowers who have defaulted.
“The Fund relies on loan recovery for its sustainability, enabling new generations of students to access financial assistance. Borrowers who refuse to repay their loans are denying others the opportunity to pursue tertiary education. Consequently, we have made the decision to initiate criminal prosecutions to recover the outstanding amounts.”
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