Students Loan Defaulters To Be Prosecuted In September As Debts Pile Up For More Than 10 Years

Students Loan Defaulters To Be Prosecuted In September As Debts Pile Up For More Than 10 Years

  • The Students Loan Trust Fund has intensified its campaign to get students loan beneficiaries to pay up
  • The Fund says from September this year it will begin prosecuting defaulters, some of whom have not paid a dime since 2012 when they took the loan
  • CEO of the Fund Kweku Agyei Yeboah said it was unfortunate that some beneficiaries have not paid their loans despite being employed

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Authorities at the Students Loan Trust Fund (SLTF) have disclosed plans to prosecute Ghanaians who took loans to support their education but have for over a decade failed to pay back.

CEO of the Fund Nana Kwaku Agyei Yeboah has said prosecution of persons who have failed to honour their students loan obligations will start in September 2022.

Mr Yeboah told state-owned Daily Graphic that the Fund wants to retrieve at least GH¢70 million this year.

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Ghana cedis
Stock image 1 and 5 Ghana cedi notes. Source: Getty Images.
“We consistently keep reminding people through their guarantors, text messages and other communication – emails, etc, as well as publish names and faces on our platforms and in the dailies.

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"They have simply ignored all those and so we are resorting to the final action by sending the recalcitrant borrowers to court, prosecuting them to get the money back," he justified the move.

He said August 2022 was the final grace period for defaulters to pay up their debts.

Established in 2005, the SLTF provides financial support to eligible Ghanaian tertiary students.

The loan is intended to supplement the students’ own private resources, such as the financial support parents already give them.

Beneficiaries are charged 10% every year on the loan amount advanced to them.

According to the SLTF although some beneficiaries are gainfully employed they are refusing to pay back their loan and the interest.

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NAACP Embarks On Inaugural Amos C. Brown Fellowship To Ghana, Leading A Delegation Of 40 students

NAACP President and CEO, Derrick Johnson, along with a cohort of NAACP leaders, will travel with a delegation of 40 young students on a transformative journey to Ghana as part of the Amos C. Brown Fellowship, from July 31 to August 10.

YEN.com.gh reported in a previous story that the fully funded 10-day experience will lead 40 young scholars ages 18 and 25 from the United States to Ghana.

The students will be immersed in Ghanaian culture, gain deep insights into their ancestral heritage, learn about the historical connections between decolonization and the Civil Rights Movement and discuss current global social justice movements.

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Source: YEN.com.gh

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