Ghana National Union of Students President Dennis Appiah Larbi-Ampofo has called on the government to review the student loan policy which allows interest to be charged on loans while students are still in school.
Speaking at the launch of the Students Loan Trust Fund’s ‘No Guarantor’ policy, he said charging interest on loans while students are in school goes against the essence of the SLTF, which is to protect beneficiaries.
“Your Excellency, are you aware that interest is charged on loans that students take out even when they are students? We will use your good offices to address this issue and do something about it,” he told the vice-president, Dr. Mahamudu Bawumia.
In addition to this, he urged the government to ensure timely disbursement of loans to beneficiaries.
Mr. Larbi-Ampofo said that disbursement delays are causing untold hardship to students and affecting their academic performance.
“On behalf of the ten million students in Ghana, I would like to express my gratitude to the government for implementing this historic policy,” he said.
Meanwhile, he advocated an increase in the amount paid to beneficiaries, saying the current amount of ₵3,000 per academic year is insufficient for many students.
The launch of the “No Guarantor” policy was honored by senior government officials led by the Vice President of the Republic, Dr. Mahamudu Bawumia, the Minister of Education, the Ashanti Regional Minister, the Mayor of Kumasi and the managing director of the SLTF. .
At the event, SLTF’s CEO was honored with a portrait of NUGS.
According to the NUGS Chairman, the gesture was in recognition of the CEO’s innovative and transformative leadership for the Fund.
He added that the management of the fund has been very sensitive to their plight when needed.