The Education Minister, Dr Yaw Osei Adutwum, has revealed that tertiary students can henceforth apply for loans without a guarantor.
This follows the introduction of the ‘no guarantor policy’ which has been approved and passed into law by President Akufo-Addo.
Speaking at a meeting with the management of the Kwame Nkrumah University of Science and Technology (KNUST) over the deferral of some 6,000 students, the Bosomtwe lawmaker said the move forms part of the government’s efforts of enhancing access to education in the country.
“The good news is that Nana Akufo-Addo gave the approval for the establishment of what is called the ‘no guarantor policy’ which is now the law of the land, which means students can apply for loans to be given the money without a guarantor,” he said.
He added that the Students’ Loan Trust Fund (SLTF) management will effectively engage students who may need financial support to pay for their academic fees.
Currently, students will be required to produce their Ghana Card to access loans.
According to Mr Adutwum, studies have shown that the implementation of this policy would lead to a 60% increase in demand for student loans.
“Traditionally, the SLTF has relied on funding from the GETFUND, the communications service tax and recovery of loans from borrowers to execute its mandate.
"With the increased demand for student loans, the major challenge of this Board will be to explore new funding sources to meet the needs of Ghanaian students," he said at the inauguration of the new Board for the SLTF last year.
Latest Stories
-
2 repair vessels dispatched for undersea cable repairs – says NCA’s latest update
36 mins -
Multimedia Group Limited’s Clinton Yeboah shortlisted for 2 International Sports Press Association Awards
39 mins -
High-value property sale gone wrong as Supreme Court rules against police officer
54 mins -
NHIS Biometric Membership Authentication System limited rollout satisfactory – NHIA Deputy CEO
1 hour -
Yara Ghana donates 1,107 bags of fertilizers to women farmers, farmers with disabilities
1 hour -
Tinubu forms team to find solutions to ailing economy
1 hour -
Jacob Zuma barred from running in South Africa election
2 hours -
Western Cape Education wins national primary school track and field championships
2 hours -
Cyber Security Authority issues Public Alert over Easter and Eid al-Fitr season scams
2 hours -
Sandro Tonali charged by FA for alleged betting rules breaches after joining Newcastle
2 hours -
Scancom PLC holds 6th AGM, declares dividend of 17.5 pesewas per share
2 hours -
Former Deputy AG accuses Godfred Dame of unethical legal behaviour
2 hours -
John Kumah goes home on May 18
3 hours -
Tema General Hospital: If a baby died, it wasn’t because of ‘dumsor’ – GHS Accra Director
3 hours -
Afenyo-Markin fetes cast and crew of ‘the gods are not to blame’
3 hours