Vice President Dr. Mahamudu Bawumia on Wednesday launched the No Guarantor Student Loan policy at the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi, on Wednesday, June 8, 2022.
According to him, the policy which was a promise made by the Akufo-Addo government prior to the 2020 elections, is to make tertiary education accessible to Ghanaian youth, especially graduates from the highly subscribed Free Senior High School programme.
”With the No Guarantor Student Loan, the cumbersome and restrictive scheme of students providing SSNIT contributors as guarantors before they could access student loan for tertiary education, has been abolished. The No Guarantor Student Loan policy makes it possible for qualified young Ghanaians to access loans to fund their tertiary education, using their Ghanacard.”
Speaking at the official inauguration of the program at the KNUST campus, Vice President Dr. Mahamudu Bawumia said several brilliant but needy students missed the opportunity to pursue tertiary education because of clauses in the loan acquiring process, hence the cancellation.
Dr. Bawumia also said the new policy for the student loan trust was born by the government’s digitalization agenda through the introduction of the Ghana card policy, which currently has details of many Ghanaians.
He said the introduction of the national identification card makes it impossible for beneficiaries of the student loan facility to default payments.