The Students Loan Trust Fund (STLF) said recovery of due loans from benefited persons will become more critical after the implementation of the “No Guarantor Policy” due to a high increase in the loan applications.
With the implementation of the “No guarantor” policy and the introduction of the free senior high school programme which has given the opportunity for more to continue to the tertiary level “there has been an even greater increase in loan applications which will make recovery of due loans even more critical”, SLTF CEO said.
Despite the high increase in the number, the trust fund believes that there will be a well organised system to recover the loans so that others can benefit.
“Over the past few years, the fund has put in place a number of strategies to recover loans, including the introduction of several electronic payment platforms to afford convenience to borrowers in repaying their loans.“
On the significance of the repayment of the loans, Mr Yeboah said there was the need to run a fund that was solvent to justify the existence of the trust fund and “that depends on our ability to recover loans given to borrowers to keep it in operation”.
“Though we get other sources of funding from the GETFund, telecommunications tax and even the Government of Ghana, we also need to do our recovery.
“Repayment is thus very critical to our very survival. We need to get the money that we have given out to be able to support other students who will require that kind of support,” he emphasised.
From the CEO, the Trust Fund using the month of August to educate people on repayment did not mean that only August was being used to recover loans taken by borrowers.
“We do this because sometimes, people tend to forget, and may not even remember the payment points”, he emphasised.
Source : Honestynewsgh.com
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