The Students Loan Trust Fund (SLTF) is optimistic that the new “No Guarantor” policy will create access to much-needed financial aid for thousands of college students each year.
According to SLTF CEO Nana Kwaku Agyei Yeboah, the previous policy which required students to have a guarantor before accessing the loan was a significant barrier for many students who needed the loan.
“Many students begin the loan application process every academic year but are unable to complete it and get loans disbursed because they cannot find eligible guarantors to vouch for them,” he said. declared.
The new policy requires students to complete an online application process, after which they undergo biometric verification with their Ghana card.
It is expected that the removal of the guarantor requirement will lead to a significant increase in the number of students applying for the loan.
“This is a milestone in the history of student loan administration in Ghana, and it has been made possible through this government’s digitization drive. Everything the Ghanaian student needs now , it’s from a map of Ghana,” said Nana Kwaku Agyei Yeboah.
Nana Kwaku Agyei Yeboah was speaking at the launch of the SLTF No Guarantor Policy, which took place at KNUST School of Engineering Auditorium in Kumasi.
He said that due to the difficulties faced by students in finding guarantors, the Fund is able to help less than 10% of the tertiary student population.
He thanked the Vice President and the Minister of Education for their support in carrying out the policy.