Monday, August 15, 2022
  • Home
  • About
    • Editorial Guidelines – Accuracy
    • Trust and transparency
  • Advertise
  • Login
  • Register
Ghana News - GhStandard
  • Home
    • General
    • Social
    • Religion
    • Education
    • Health
    • Environment
    • Science
  • Breaking
    • Latest News
    • Trending News
  • Politics
    • Opinions
    • Speeches
    • Profiles
  • Sports
  • Crime
    • Legal
  • Business
    • Economy News
    • Real Estate
    • Ghana – Economy
    • Finance News
    • Faith and Business
    • Digital Marketing
  • Entertainment
    • Music Related
    • Movies
  • Lifestyle
    • Fashion News
    • Food Related
    • Travel News
  • Features
    • Profiles
    • Press Release
    • Obituary
  • World
No Result
View All Result
  • Home
    • General
    • Social
    • Religion
    • Education
    • Health
    • Environment
    • Science
  • Breaking
    • Latest News
    • Trending News
  • Politics
    • Opinions
    • Speeches
    • Profiles
  • Sports
  • Crime
    • Legal
  • Business
    • Economy News
    • Real Estate
    • Ghana – Economy
    • Finance News
    • Faith and Business
    • Digital Marketing
  • Entertainment
    • Music Related
    • Movies
  • Lifestyle
    • Fashion News
    • Food Related
    • Travel News
  • Features
    • Profiles
    • Press Release
    • Obituary
  • World
No Result
View All Result
The Ghanaian Standard
No Result
View All Result
ADVERTISEMENT
Home General

Students loan defaulters to face prosecution next month

The Ghanaian Standard by The Ghanaian Standard
August 6, 2022
in General
Reading Time: 5 mins read
A A
Chief Executive Officer of the Student Loan Trust Fund - Nana Kwaku Agyei Yeboah

Chief Executive Officer of the Student Loan Trust Fund - Nana Kwaku Agyei Yeboah

ShareTweetSend

The Students Loan Trust Fund (SLTF) will from September this year begin the prosecution of persons who have defaulted on the repayment of their loans for over a 10-year period.

The affected persons will include all who have benefited from the loan but are yet to repay despite being gainfully employed now.

ADVERTISEMENT

The Chief Executive Officer of the SLTF, Nana Kwaku Agyei Yeboah, who made this known to the Daily Graphic last Monday in an interview, said the Trust was compelled to resort to legal action as several reminders to the affected persons had been ignored and it was part of the efforts to meet its set recovery target of GH₵70 million, for this year.

“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.

“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.

ADVERTISEMENT

“This month is the final grace period, if they still refuse to do the needful from all the reminders and prompts, September is prosecution time to recover the loans,” he emphasised.

Act, prosecution

The Students Loan Trust Fund Act, 820 (2011) prescribes various steps that the SLTF must take in the recovery of loans.

Among the prescribed steps are consistently sending reminders through emails, text messaging and also through their guarantors as well as the publication of pictures and details of defaulting borrowers in the national media.

ADVERTISEMENT

Over the years, the fund has deployed many of the prescribed measures in loan recovery but was yet to drag anyone to court for defaulting in repayment.

Mr Yeboah said since the prosecution was one of the measures, the  SLTF had, therefore, resolved, in accordance with its Act, “ to begin prosecution of defaulters” to ensure that the scheme was sustained.

He explained that the prosecution would specifically target only those who had refused to make any efforts to have an agreed repayment plan, particularly, beneficiaries whose repayment period of 10 years had elapsed.

Advertisement. Scroll to continue reading.

Sensitisation month

Mr Yeboah indicated that the SLTF had set aside the month of August as a recovery month to sensitise people to the repayment of their loans.

“The SLTF sets aside one month in each year to educate the general public, particularly, beneficiaries of the loan scheme on the importance of loan repayment to the sustainability of the fund.

“The month is also used to disseminate information on the various repayment platforms available to borrowers.

Advertisement. Scroll to continue reading.

This year, the Recovery Month has been slated for August,” he said.

No guarantor

The SLTF CEO said with the introduction of the free senior high school programme and the opportunity for more to continue to the tertiary level, the fund had seen an increase in the number of loan applications, which made recovery of due loans even more critical.

Also with the implementation of the “No guarantor” policy, “there has been an even greater increase in loan applications and SLTF offices across the country have been processing large volumes of applications. We, therefore, need to recover the loans so that others can benefit.”

Advertisement. Scroll to continue reading.

“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.

SimilarNews

SEND Ghana

SEND Ghana Spots state institutions as running away from accountability

July 28, 2022
SLTF disburses GHS12 million to "No Guarantor Students Loan Applicants"

SLTF disburses GHS12 million to “No Guarantor Students Loan Applicants”

July 13, 2022
Education Assembly Support

Bibiani Municipal Assembly supports BISEC Cadet for national contest

June 29, 2022
Mr Bright Wireko-Brobbey

Youth Employment Agency engages 144,000 youth from 2017 to date

June 27, 2022
Education Hostel Construction

Government to construct 3-storey 300-bed hostel in Colleges of Education

May 17, 2022
Students Loan Fund - KNUST deferred students

KNUST deferred students should access Students Loan Fund to settle arrears – MoE

April 24, 2022

“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.

Recovery

Mr Yeboah said the SLTF, this year, opened two new regional offices, one in Accra and the other in Kumasi, to focus exclusively on loan recovery.

He explained that the trust fund recovered loans given to students all year round and 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.

“Recovery of loans is an all-year-round activity, but a month is set aside for an aggressive campaign and sensitisation during when we go out there to remind people of repayment.

“We do this because sometimes, people tend to forget, and may not even remember the payment points.

“For some time now, we have carried out the exercise in August, so this year we are going round again with an intensified educational campaign to get defaulters to pay back loans they had taken,” he explained.

Credit history

The SLTF CEO maintained that apart from recovery of the loans to enable other students to benefit, the loan repayment would also help borrowers to build their credit history which was very important as the country became digitised.

The trust fund, he said, would report to the credit bureau all payments that would be made and that it would also inform the banks, and added that “as you are paying and we are reporting, you are getting good credit history.”

He said the trust fund was not demanding the upfront payment of all the money people owed it, and that people who were hard up could visit it to discuss and agree on a convenient repayment plan.

Source: Emmanuel Bonney
Via: Graphics Online
Tags: GETFUNDNana Kwaku Agyei YeboahStudents Loan Trust Fund

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
ADVERTISEMENT

Similar Topic

Human skeletons

Self-styled pastor arrested with human skeletons in his possession at Wenchi

August 13, 2022
Farmer chops off his scrotum while asleep

Farmer chops off his scrotum while asleep

August 13, 2022
The Chronicle - August 12

Today’s Newspaper Frontpages – Friday, August 12, 2022

August 12, 2022
Road crashes between January to July 2022

1,443 persons died through road crashes between January to July 2022 – MTTD

August 11, 2022
Cable theft

Cable theft: 133 deaths from electrocution recorded since 2014

August 11, 2022
Daily Guide - August 11

Newspaper Frontpages – Thursday, August 11, 2022

August 12, 2022
Please login to join discussion
https://youtu.be/2QL-nhbkqts
ADVERTISEMENT

Latest News

Ghana vs Japan: Black Princesses on the brink of FIFA U20 Women’s World Cup exit after two second half penalties

Ghana’s economic downgrades self-inflicted – Alhassan Suhuyini

Ghana couldn’t have escaped unstable currency and inflation rise happening across the globe, it’s inévitable

Self-styled pastor arrested with human skeletons in his possession at Wenchi

UHAS inducts Prof Lydia Aziato, Yaa Amankwaa Opuni as Vice-Chancellor and Registrar respectively

Mother burns 4-year-old daughter in hot water over missing sandals

Farmer chops off his scrotum while asleep

IGP aims to reduce police response time to 10 minutes

AOB Assembly supports PWDs with tools

Maternal mortality reduces in Upper East

Prev Next
ADVERTISEMENT

Trending News

Nigerian sex worker jailed for inflicting blade wound on lady’s genitals

DStv Nigeria Packages, Channels, Prices

Self-styled pastor arrested with human skeletons in his possession at Wenchi

VGMA 2022 Winners: See full list of VGMA 23 Winners

PROFILE: Hon. Ibrahim Murtala Muhammed

Ghana vs Japan: Black Princesses on the brink of FIFA U20 Women’s World Cup exit after two second half penalties

Mother burns 4-year-old daughter in hot water over missing sandals

How to Start a Business in Ghana

Transgender woman transferred from prison after impregnating 2 inmates

National Theatre announces lineup for the month of August

Prev Next
ADVERTISEMENT

Editor's Pick

Top 10 Twitter Influencers in Ghana

Ghana Braids: 25 Lovely Ghana Weaving Hairstyles

DStv Nigeria Packages, Channels, Prices

Top 10 Business Opportunities in Ghana

Best Banks in Ghana: 2021 Performance Ranking of Ghana’s Banking Sector

Is Chance The Rapper Ghanaian? – All you need to know about Chancelor Johnathan Bennett

Savings and Loans Companies in Ghana

LIVE: GPL Table 2022 – Ghana Premier League table 2022

Wa Polytechnic Courses: List of Dr Hilla Liman University Courses & Fees

Prev Next
Best Web Design Company in Ghana Best Web Design Company in Ghana Best Web Design Company in Ghana
ADVERTISEMENT
ADVERTISEMENT
The Ghanaian Standard

The Ghanaian Standard is a privately own news website in Ghana with Rev. Dennis Gyamfi Bediako as its Managing Editor.

We bring you accurate Breaking News, Trends & Top Stories in Business, Politics, Lifestyle, Technology, and more from Ghana, Nigeria, Africa, and across the globe.

GhStandard.com - News made for discerning minds ...

Google News - The Ghanaian Standard, Ghana News
  • About
  • Contact
  • Advertise

© 2021 The Ghanaian Standard - Breaking News & Top Stories in Ghana, Africa, Business, & More | Powered by YellGh - Designed by EnspireFX.

No Result
View All Result
  • Home
    • General
    • Education
    • Health
    • Social
    • Religion
    • Tech
  • Breaking News
    • Latest
    • Trending
  • Politics
    • Opinions
    • Speech
  • Sports
  • Crime
    • Legal
  • Business
    • Economy
    • Finance
    • Finance & Investment
  • Sports
  • International
    • Cameroon
    • Cape Verde
    • DR Congo
    • Guyana
    • Kenya
    • Nigeria
    • South Africa
    • Qatar
  • Entertainment
    • Movies
    • Music
  • Lifestyle
    • Fashion
    • Food Related
    • Travel
  • Feature
    • Press Release
    • Profiles
    • Obituary
  • Editorial
    • Ethics and Guidelines
    • Trust and Transparency
HTML tutorial

© 2021 The Ghanaian Standard - Breaking News & Top Stories in Ghana, Africa, Business, & More | Powered by YellGh - Designed by EnspireFX.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In