Students Loan Trust Fund (STLF) Chief Executive Officer Nana Agyei Yeboah said the Ghana Card would make it easier to trace the Fund’s debtors if the New Patriotic Party (NPP) and National Democratic Congress (NDC) proposal to scrap the guarantor scheme comes to fruition by obtaining students’ loans.
In obtaining loans from students from the STLF, both sides have agreed to quash the guarantor scheme.
During the launch of the NPP manifesto paper in Cape Coast ahead of the 2020 polls, Vice President Dr. Mahamudu Bawumia said that the move is to ensure that all tertiary students are able to successfully complete their education.
Agyei Yeboah said on TV3 ‘s New Day Thursday, October 15, that the accessible Ghana Card will cause defaulters to be traced, raising the question of how students will be traced to pay back the loans when there will no longer be guarantors to be held accountable in the event of inability to repay.
He explained that all the contact information needed by STLF will be included in the Ghana Card, so it will not be difficult to track them.
“All your records will be on the Ghana Card. We will see that you have taken out a loan even though you go to the Driver and Car License Authority. It makes tracking easy because it will also have GPS and everything.
The figures have doubled, we realize, so we’re ready to help them. It has made the fund more enticing after the President expanded the lending ability to 50 percent.
When asked about the flow of funds to cater for this, Mr. Agyei said: “We do not yet know where the money is going to come from for us to focus on student funding, however it is likely.” Free college, for instance, is a program that has come about because of the President’s boldness and audacity to hope, so I know he’s going to see this one through, too.
The Fund is an initiative of the government to provide students with loans to fulfill their financial needs.
When students are finished with education, the stable loans are required to be repaid.
With the support of guarantors, students obtain loans.
By Edem Tutu|3news.com|Ghana