The Students Loan Trust Fund (SLTF) has announced the disbursement of GH¢20 million to 13,500 beneficiaries in tertiary institutions across the country.
The funding is intended to support qualified final-year and continuing students for the second semester of the ongoing academic year, bringing the total loan amount disbursed this year to GH¢60 million.
The CEO of the SLTF, Nuhu Bayorbo Mahama, has revealed that the disbursement prioritized final-year students, with approximately GH¢15 million allocated to this group while the remaining funds were directed towards continuing students.
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He expressed optimism that the organization would distribute funds to all remaining continuing students by the end of December.
Mahama highlighted the success of the debt recovery efforts, noting that approximately GH¢13 million was recouped from debtors during the repayment month in August.
He acknowledged the importance of the August repayment period in prompting employers to ensure their debtors settled their obligations promptly.
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The CEO emphasized the significance of loan repayment in building credit scores, warning that failure to repay could adversely impact borrowers’ creditworthiness.
He also outlined the diverse repayment options available, including in-person payments, mobile money transfers, and electronic money transfer platforms for borrowers abroad.
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Moreover, Mahama disclosed that the SLTF had identified around 280,000 borrowers through the utilization of the Ghana Card.
The implementation of the ‘No guarantor system’ had notably increased enrollment, eliminating the requirement for guarantors and facilitating access to loans for more students.
Looking ahead, Mahama reiterated the fund’s target to recover GH¢80 million from debtors this year, underscoring the role of timely repayments in supporting future loan access and maintaining favorable credit scores.
SLTF disburses GH¢60m as allowances to teacher trainees
Mr. Nuhu Bayorbo Mahama also revealed that the organization had allocated GH¢60 million to provide allowances for 67,000 teacher trainees.
Each student received GH¢400 per month, with the total disbursement aimed at supporting trainees throughout their educational journey.
However, approximately 1,500 students faced challenges with their ezwich cards and encountered other issues, resulting in the outstanding disbursement of allowances for this group.
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According to him, steps are being taken to address these challenges to ensure all trainees receive their entitled allowances in a timely manner.
