The Vice President, Dr. Mahamudu Bawumia says the next NPP-led government under President Nana Akufo-Addo would ease access to students loan by doing away with guarantors as a requirement.
Tertiary students would only need a Ghana card, the national identity card, to obtain loan from the Students Loan Trust Fund, he announced.
Dr. Mahamudu Bawumia was speaking at the launch of the NPP’s 2020 Manifesto in Cape Coast in the Central region on Monday in which he gave highlights of the manifesto.
The document would be the new social contract between the Akufo-Addo-led administration and Ghanaians, if President Akufo-Addo is re-elected in the 2020 general elections.
The Vice President acknowledged that with the implementation of the Free SHS policy, which increased enrollment at the second cycle level, there would be more people yearning to enter into tertiary institution.
He had early on emphasized the link between tertiary education and economic growth, noting that higher the enrollment at the tertiary would translate into accelerated development of the economy.
He noted that it is the desire of the government to get more enrollment into tertiary sector to promote the growth of the country.
Dr. Bawumia however noted that “affordability” has been the major “bottleneck” to many who want to further their education at the tertiary level.
He therefore announced that all tertiary students, except those in teacher and nursing trainees, who are already enjoying allowances, “will obtain a students loan without the request of a guarantor”.
He noted that getting guarantors was a challenge to many students as many employees are unwilling to risk their pension.
With the new “major policy” under education for the next NPP government, Dr. Bawumia said, “one would need just a Ghana card to access the students loan”.
Repayment, he said, would be deferred after national service, and additional one-year grace period.
The mission of the Students Loan Trust Fund is to provide timely financial services to eligible Ghanaian tertiary students studying in Ghana.
The Fund was established in December 2005 under the Trustee Incorporation Act 1962, Act 820.