The Chief Executive Officer of the Students Loan Trust Fund Kwaku Agyei Yeboah, has posited that the new “No Guarantor” policy will create access to much-needed financial aid for thousands of tertiary students every year.
According to him, the old system was a significant barrier for many students who needed the loan since it required them to provide guarantors.
He said, “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 explained that per the new policy, applicants are only required 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, he suggested.
“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 said while speaking at the launch of the SLTF’s No Guarantor Policy.
The event was held at the School of Engineering auditorium at the KNUST in Kumasi.