The details of the first group of 30 defaulters or borrowers who have failed to settle their loan payments has been made published by the Students Loan Trust Fund (SLTF).
On May 17 and 22, the articles appeared in the Daily Graphic. Defaulted loan amounts vary from GHC 1,500 and GHC 11,000.
The SLTF claims that this action is in conformity with Section 820 of the Students Loan Trust Fund Act, which gives the SLTF the authority to publicly identify and report loan defaulters.
The Fund’s administration has determined the change is required to accommodate the rising number of college students applying for financial aid.
The Fund’s chief executive officer, Nana Kwaku Agyei Yeboah, has attributed the rise in demand to the expansion of eligibility for the “no guarantor” policy and the increased enrollment in postsecondary institutions as a result of the Free SHS policy.
He stated that, for the first time, even the most economically disadvantaged students have a chance to pursue higher education.
However, many of them are tight on cash and must turn to the Students Loan and Trust Fund (SLTF) for assistance.
He explained that the SLTF is taking measures including expanding its financing base and ramping up its recovery efforts in order to keep up with the rising demand for loans.
Now the Students Loan Trust Fund has released the names of the defaulters who have decided not to honor the agreement of paying back to shame.
The Head of Repayment and Resource Mobilisation, Rosemary Aryee has stated that the SLTF would begin prosecuting defaulting borrowers in an effort to enforce the law.
SLTF customers now have the option of repaying their loans via partner banks, plastic, mobile money, or the Ghana.gov website.
Regular payments can be made through the PayAngel platform by borrowers in the United States, Canada, the United Kingdom, and Europe.
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