Student Loan - Loans and Debt Consolidation

OPINION STUDENTS LOAN IN GHANA THE WAY FORWARD JOY ONLINE

The 2005 Students Loan Trust Fund, which was established in December under the Trustees Incorporation Act 106 of 1962, was mandated to provide financial resources and sound management of resources for the benefit of students.

This injurious scheme, which replaced the SSNIT loan with compound interest of 12% of average monthly Government of Ghana 182-day Treasury bill rate applied on the loan was not favourable to students that depended on them.

Per the Chief Executive s Report of the SLTF Annual Report of 2007, GH 6.2 million was disbursed to 13, 835 students in 43 institutions including 13 public Universities and other institutions, 10 polytechnics and 20 private Universities and Colleges.

The number of students that benefited from the loan, as stated above, is far less than half the population of University of Ghana Students alone. This means that there are major problems with the new scheme therefore students try hard to shy away from it.

Rather than considering the scheme in a holistic and a more comprehensive manner to salvage the present poor state of students, the SLTF Board resorted to the introduction of the infamous Student Loan Protection Scheme.

The Student Loan Trust Fund Board met student leaders from The Private Union Students Association of Ghana PUSAG The Ghana National Union of Polytechnic Students GNUPS and The National Union of Ghana Students NUGS during what was dubbed Briefing on the Student Loan Trust Fund on 9th Februar...[more]