Don’t charge interest on student loans while beneficiaries are in school – NUGS President to government
President of the National Union of Ghana Students, Dennis Appiah Larbi-Ampofo, has called on government to review the Students’ Loan policy that allows interest to be charged on the loans while students are still in school.
Speaking at the launch of the Students Loan Trust Fund’s ‘No Guarantor’ policy, he said charging interests on the loans while students are in school defeats the essence of the SLTF, which is to cushion beneficiaries.
“Your Excellency, are you aware that interest is charged on the loans students take even whiles they are students? We will appeal to your good office to take this matter up and do something about it,” he told the Vice President, Dr Mahamudu Bawumia.
In addition to this, he urged the government to ensure that the disbursement of the loans to beneficiaries is timely.
Mr Larbi-Ampofo said the delays in the disbursement cause untold hardships to students and affect their academic performance.
“On behalf of the ten million students in Ghana, I would like to extend my appreciation to government for the implementation of this landmark policy” he said.
Meanwhile, he advocated an increment in the amount paid to beneficiaries, saying the current amount of ₵3,000 per academic year is inadequate for many students.
The launch of the ‘No Guarantor’ policy was graced by top-ranking government officials led by the Vice President of the Republic, Dr Mahamudu Bawumia, the Education Minister, the Ashanti Regional Minister, Mayor of Kumasi and the Chief Executive Officer of the SLTF.
At the event, the SLTF CEO was honoured with a portrait from NUGS.
According to the NUGS President, the gesture was in recognition of the CEO’s innovative and transformative leadership to the Fund.
He added that the leadership of the fund has been very responsive to their plight in times of need.
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