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 tertiary students every year.
According to the CEO of the SLTF, Nana Kwaku Agyei Yeboah, the previous policy which required students to have a guarantor before they accessed the loan was a significant barrier for many students who needed the loan.
“Many students start the loan application process every academic year but are unable to complete it and have loans disbursed to them, because they cannot find eligible guarantors to vouch for them” he said.
The new policy requires students to complete an online application process, after which they undergo a 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 who apply for the loan.
“This is an important milestone in the history of student loan administration in Ghana, and it has been made possible by the digitisation drive of this government. All the Ghanaian student needs now is a Ghana card,” said Nana Kwaku Agyei Yeboah.
Nana Kwaku Agyei Yeboah was speaking at the launch of the SLTF’s No Guarantor Policy, which took place at the School of Engineering auditorium at the KNUST in Kumasi.
He said that because of the difficulties students face in securing guarantors, the Fund is able to assist less than 10% of the tertiary student population.
He thanked the Vice President and the Minister of Education for their support in bringing the policy to fruition.