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The Minister of Education, Dr. Yaw Osei Adutwum, has said the government has approved the ‘no guarantor policy’.
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In effect, students can now apply for loans without a guarantor.
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He made this revelation at a meeting with the management of Kwame Nkrumah University of Science and Technology (KNUST), on the deferral of 6,000 students.
Dr Yaw Osei Adutwum, the Minister of Education, has announced that tertiary students will no longer need a guarantor to apply for loans. Gov’t has approved ‘no guarantor policy’ for tertiary students – Yaw Adutwum
This followed President Akufo-implementation Addo’s of the “no guarantor policy,” which he endorsed and signed into law.
The Bosomtwe politician said the action is part of the government’s attempts to improve access to education in the country. He was speaking during a meeting with the management of the Kumasi-based Kwame Nkrumah University of Science and Technology (KNUST) about the deferment of 6,000 students.
“The good news is that Nana Akufo-Addo approved the establishment of what is known as the ‘no guarantor policy,’ which is now the law of the land, allowing students to apply for loans without having to provide a guarantor,” he stated.
He also stated that the management of the Students’ Loan Trust Fund (SLTF) will effectively engage students who may require financial assistance to pay their academic costs.
For the time being, students will be required to show their Ghana Card in order to obtain loans.
According to Mr. Adutwum, research have shown that implementing this strategy will result in a 60% increase in student loan demand.
“To fulfill its function, the SLTF has traditionally relied on funds from the GETFUND, the communications service tax, and loan recovery from borrowers.”l
“With the rising demand for student loans, the key challenge for this Board will be to investigate new funding sources to suit the needs of Ghanaian students,” he remarked last year during the SLTF’s new Board’s inauguration.
Gov’t has approved ‘no guarantor policy’ for tertiary students – Yaw Adutwum
