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Tertiary Students In Tain District Schooled On Loan Trust Fund

botchway September 10, 2018

From Francis Owusu-Ansah

The District Chief Executive (DCE) for Tain in the Brong-Ahafo Region, Lawyer Charity Akua Foriwaa Dwommoh, has met with tertiary students in the District to discuss how they could benefit from the Student Loan Trust Fund.

The DCE said the Student Loan Trust Fund is to address financial problems in education, and,   therefore, urged the students not to entertain any fear in taking the loan, since the Assembly will guarantee for them.

She explained that the students can use the loans to cater for the cost of books, tuition, living expenses, and added that the assembly is doing a lot to improve the education standard in the district.

Madam Foriwaa Dwommoh urged the students to educate others to take advantage the loan facility, since they are different from ordinary loans, with easy repayment methods and low interest rates.

Mr. Samuel Anarfi-Gyekye, Senior Operations Manager, Students Loan Trust Fund in Sunyani, said students in tertiary institutions accredited by the National Accreditation Board are the only qualified ones to access the loan,

He noted that the Trust has initiated steps to widen access for students from less privileged backgrounds.

According to him, the number of Social Security and National Insurance Trust (SSNIT) guarantors that a borrower needs before accessing the loan has been reduced from three to one, while, alternatively, applicants can choose to have their loans guaranteed by their district assemblies.

Mr. Anarfi-Gyekye said the loan amount has also been increased to minimum of GH¢1,500 and a maximum of GH¢3,000 a year.

The Students Loan Trust Fund (SLTF) also offers the lowest interest rate available at 12 percent per annum, making it the best facility available to parents and students.

Additionally, borrowers are not expected to start repayment of the loan until two years after completion of their course, when it is expected that they would have been employed.

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