The Students Loan Trust Fund (SLTF) says it has engaged the relevant stakeholders to make financing available to pay students in tertiary institutions their loans by the end of this month.
It said the stakeholders included the Ministry of Education, Ministry of Finance and the Ghana Education Trust Fund (GETFUND).
It said the SLTF has been communicating with student leadership and would like to “take this opportunity to appeal to the wider student body to bear with us while we resolve the issue”.
“The Students Loan Trust Fund (SLTF) wishes to acknowledge that there has been a delay in the disbursement of loans for the 2018/2019 academic year. We apologise to beneficiaries of the loan for the inconvenience caused by the delay,” a statement issued by the SLTF in Accra said.
It said it recognised that tens of thousands of students relied on the loans for various uses, including the payment of fees, accommodation, and the purchase of books as well as general living expenses.
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“We are working assiduously to restore the situation to normalcy. At the beginning of the 2017/2018 academic year, the loan amount was increased by 50% which resulted in a surge in applications, putting a strain on the Fund.
It said the SLTF “takes its mandate of providing timely financial assistance to students who need it seriously and would like to assure the general public that this situation is a temporary one which is being addressed with the long term view in mind”.
The students Loan Trust Fund (SLTF) was established in December 2005 under the Trustee Incorporation Act 1962, Act 106. As part of reforms to make accredited tertiary education more accessible to the majority of qualified Ghanaian students, the Government of Ghana passed the Student Loan Trust Fund Act, Act 820 (2011) for the efficient and effective disbursement of financial resources to tertiary students.
The Trust Fund has the responsibility to recover loans from students after the completion of their tertiary education.
The principal objectives of the Trust Fund are to provide financial resources for the sound management of the Trust for the benefit of students and to help promote and facilitate the national ideals enshrined in Article 25 and 38 of the 1992 Constitution.