The Students Loan Trust Fund (SLTF) has taken a significant step in addressing loan defaults by publishing the names and details of 30 borrowers who have failed to repay their loans.
This action, in accordance with the Students Loan Trust Fund Act 820, serves as a necessary measure before pursuing legal prosecution.
The publication, featured in the May 22 edition of the Daily Graphic, aims to bring attention to borrowers who have defaulted on loan amounts ranging from ¢1500 to ¢11,000.
The decision to publish the names of defaulters comes as the SLTF faces a growing demand for loans from tertiary students.
The CEO of the Fund, Nana Kwaku Agyei Yeboah, attributes this increase to the implementation of the “no guarantor” policy and the higher number of students accessing tertiary education due to the Free SHS policy.
We refer to the loan you contracted with the Students Loan Trust Fund when you accessed students loan on the terms and conditions stated therein, whilst a student at tertiary level in Ghana,” the notice reads.
“We refer also to the options in the loan agreement to pay off your loan during the period of your study. national service; one more year moratorium after national service, and an average of eight (8) years additional repayment period subject to your programme of study, within which to pay off the loan and interest, and to which you have failed, neglected and/or refused to pay up.
“Consequent to this, and in compliance with section 26. of the Students Loan Trust Fund Act 2011,Act 820, we hereby demand that you repay the full outstanding loan balance as at 8th May 2023 (per the attached), within one month of the publication of this demand notice”.
By taking decisive action against loan defaulters, the SLTF aims to ensure the integrity of its loan programs and pave the way for future students to benefit from financial assistance for their education.