|
Getting your Trinity Audio player ready...
|
The Controller and Accountant-General’s Department is preparing to begin recovering student loans from approximately 4,000 beneficiaries currently employed within Ghana’s public sector, as part of efforts to ensure the long-term sustainability of the Student Loan Scheme.
The initiative is intended to strengthen the revolving nature of the fund, allowing repayments from former beneficiaries to support future generations of students seeking financial assistance for higher education.
Speaking at an engagement with tertiary students in Accra, the Chief Executive Officer of the Student Loan Trust Fund, Saajida Shiraz, highlighted the institution’s achievements in expanding access to educational financing.
She disclosed that the Trust had disbursed GH¢127 million in enhanced loans to 46,679 students across public and private tertiary institutions, helping to eliminate delays in loan disbursements that had previously affected confidence in the scheme.
Dr. Shiraz stressed that while the fund continues to support thousands of students, maintaining adequate funding and improving loan recovery mechanisms are essential to preserving the programme’s effectiveness.
Supporting this position, the Controller and Accountant-General, Kwasi Agyei, revealed that authorities had already identified more than 4,000 former beneficiaries who are currently on the government payroll.
He explained that the department has been working closely with the Student Loan Trust Fund and will soon finalise arrangements for salary deductions to facilitate loan repayments.
According to him, student loan repayments are expected to become a standard statutory deduction from beneficiaries’ salaries, similar to existing deductions such as PAYE and SSNIT contributions.
The move represents a significant step toward strengthening the sustainability of the Student Loan Scheme, ensuring that recovered funds can be recycled to support more students in the future.
Stakeholders at the event underscored the importance of the programme in widening access to tertiary education, particularly for students from disadvantaged backgrounds, while easing the financial burden on parents and guardians.
The Student Loan Trust Fund also disclosed that more than half of all loans disbursed have benefited persons living with disabilities, highlighting the scheme’s role in promoting inclusive access to higher education.
Officials maintain that the repayment initiative is not solely about recovering debts but about safeguarding a programme that has enabled thousands of students to pursue tertiary education and improve their future prospects. By ensuring beneficiaries meet their repayment obligations, authorities hope to keep educational opportunities accessible for generations to come.
Source: 3news
