President Nana Akufo-Addo has approved and signed into law, with the immediate effect no student at the tertiary education level will no longer need to provide a guarantor before accessing students loan.
Confirming the news, Dr. Yaw Adutwum, The Education Minister has disclosed that student in tertiary education will no longer require a guarantor before he or she acquires student loan, to pay for their school fees and other educational stuff.
The no guarantor student loan policy has been signed and approved and passed into the law by the President Nana Akufo Addo administration.
The call comes after over 6,000 student including those pursing postgraduate programmes who has been deferred by the university’s management for failing to pay their final fees.
Education Minister speaking with the management of the Kwame Nkrumah University of Science and Technology said that, over the deferred of some 6, 000 students the move forms part of the Ghana government’s efforts of enhancing access to education in the country.
“The good news is that Nana Akufo -Addo gave the approval from the establishment of what is called the “no guarantor policy ” which is now the law of the land, which means students can apply loans to be given the money without a guarantor.”
He further added that, “the Student loan Trust management will effectively engage student’s who may need financial support to pay for their academic fees.”
Currently, students will be required to produce their Ghana card to access loans.
“Traditionally, the student loan trust fund has relied on funding from the Getfund, the communication service tax and recovery of loans from borrows to execute it’s mandate.”
Dr. Yaw Adutwum speaking at the inauguration of the new board of the (SLTF) said that, with the increased demand for student loans the major challenge of this Board will be to explore new funding sources to meat the needs of Ghanaian students.
