Wednesday, November 22, 2006

¢100billion Earmarked To Start Students’ Loan Fund

By Stephen Kwabena Effah
Wednesday, 22 November 2006 (Page 3)

OVER ¢100 billion is expected to be disbursed under the implementation of the Students Loan Trust Fund (SLTF) for the 2006/2007 academic year which began in August.

A total of ¢5 trillion will be needed by the fund within the next six years to disburse to fresh students in the various tertiary institutions starting from this academic year.

The Fund’s acting Chief Executive, Kokui Adu, who announced this at a media briefing in Accra yesterday, said the initial implementation of the fund is being done in collaboration with SSNIT which has a database.

She said SSNIT will play the role of assisting with the distribution, receiving and processing of application forms and authenticate guarantors.

Mrs. Adu pointed out that only students enrolled in accredited tertiary institutions to pursue accredited tertiary programmes and who are in need qualify for the SLTF.

She said the amount to be given to each applicant will be based on the programme of study, adding, "In the 2007/2008 academic year and beyond, loans will be given based on the genuine need of each student".

To ensure effectiveness, she said the fund would establish campus offices in all the tertiary institutions to serve as enquiry points for students, to pickup and drop off application forms, check for completeness of forms and disseminate information to students in a timely manner.

She indicated that it would be the responsibilities of the institutions to provide office space, verify students’ status and provide any other relevant information that would be useful in the processing of loan applicants.

Mrs. Adu said the funds would be sourced from GETFund, development partners, loans from SSNIT, tax deductible voluntary contributions and loan repayments by beneficiaries.

Beneficiaries will have a two years of grace period after completion of their programme, before they start repaying adding, "The beneficiary will have nine years of repayment period"

Mrs.Adu said that the fund is considering as part of its long term plan, to introduce an internet-based information scheme where a beneficiary would be given an account to enable him to have access to their records wherever they may be.

No comments: