Gov’t cancels guarantor policy to access student loan

Government has cancelled the policy which required students to provide three guarantors to secure a loan.

Ghanaian tertiary students will no longer require three SSNIT contributors as guarantors before they can secure student loans to pursue tertiary education.

Prior to election 2020, the New Patriotic Party (NPP) promised to cancel a condition in a student loan trust policy, where a student applicant had to present three guarantors who are SNIIT contributors to guarantee their loan facility.

Two years after winning the election, the government has fulfilled its promise by announcing that the policy which denies several brilliant but needy students the opportunity to either continue or pursue tertiary education has been cancelled.

Speaking at the official inauguration of the program at KNUST campus, Vice President Dr. Mahamudu Bawumia said several brilliant but needy students missed the opportunity to pursue tertiary education because of clauses in the loan acquiring process hence the cancellation.

Dr. Bawumia also said the new policy for the student loan trust was born by the government’s digitalization agenda through the introduction of the Ghana card policy which currently has details of many Ghanaians.

He said, the introduction of the national identification card makes it impossible for beneficiaries of the student loan facility to default payments.

The Minister of Education, Dr. Osei Yaw Adutum on his part said the government is not only improving basic and senior high education but tertiary education as well.

President of the National Union of Ghana Students (NUGS) Denis Appiah Danquah commended the government for taking away a major headache for tertiary students.