Full List: Student Loan Trust Fund Publishes Names Of Defaulters
The Students Loan Trust Fund (SLTF) has made public the first 30 borrowers whose loan payments have been late.
The articles appeared in the Daily Graphic on May 17 and May 22.
Defaulted loan amounts vary from $1,500 to $11,000. The Students Loan Trust Fund Act’s Section 820, which the SLTF asserts gives it the authority to do so, requires that defaulters be publicly named and shamed. The fund’s administration has determined the change is required to accommodate the rising number of college students applying for financial aid.
Fund CEO Nana Kwaku Agyei Yeboah attributed the rise in demand to the expansion of the “no guarantor” policy and the increased enrollment in postsecondary institutions as a result of the Free SHS policy.
The government’s adoption of these two transformative policies has opened the door to higher education for the poorest students for the first time. However, many of these students still face financial hardships and must rely on the Supplemental Learning and Teaching Fund (SLTF) for subsidized government loans. He stated that the SLTF was taking many measures, including expanding its financing base and taking a tougher stance on recovery, to accommodate the growing demand for loans.
According to Rosemary Aryee, the SLTF’s Head of Repayment and Resource Mobilization, the SLTF has invested heavily in increasing the number of platforms available to borrowers to facilitate the repayment of their debts over the past few years.
She explained that this change will benefit both borrowers and the SLTF by making operations more streamlined.
Credit cards, debit cards, mobile money, and the Ghana.gov website are now acceptable methods of repaying SLTF loans.
The PayAngel platform is available to borrowers from the United States, Canada, the United Kingdom, and Europe. Ms. Aryee stated that the SLTF would begin prosecuting defaulting borrowers to enforce the law.
“The fund is maintained through the repayment of loans, and it is through this that future generations of students will have access to financial aid.
Our decision to pursue criminal prosecution to recover the amounts due by borrowers who refuse to return their loans is based on the fact that their actions prevent others from having the opportunity to pursue higher education.
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