Student loan beneficiaries has over the years from 2017/2018 academic to date expressed dissatisfaction over the Students Loan Trust Fund late disbursements.
A group of aggrieved beneficiaries has always been asking the government and the associated parties to pay attention to their calls, but it seems, there is no one to attend to them.
In a press release, the aggrieved student stated their disappointment and failure of the Trust Fund and the government to addressing their needs. They regret for even having to apply for such loans for which they are even to pay back to the State.
The Trust Fund has failed in fulfilling it roles of disbursing funds to students in due time and thus has made the loan no more attractive to the students.
A press release by the Aggrieved Students Loan Beneficiaries;
RE: DELAY IN DISBURSEMENT OF FUNDS TO BENEFICIARIES
We again humbly write to inform the Presidency, Ministry of Finance, Ministry of Education, Parliament House of Ghana, all Stakeholders in Ghana and that of the Student Loan Trust Fund (SLTF) that beneficiaries are disappointed once again about the disbursement of funds.
The Trust Fund, which was built up in December 2005 under the Trustee Consolidation Act 1962, Act 106 has neglected to practice it center order since 2017.
Taking a gander at it vital target, the reserve is to advance and encourage understudies in different tertiary institutions which fall under the Act. Due to certain reasons obscure to beneficiaries, there have been in delays in the disbursement of funds since 2017/2018 academic year.
Checks and researches conducted by some of our members shows the SLTF lack funds to disburse to beneficiaries. Owing to this, the SLTF has stop updating beneficiaries about the progress of disbursement. The only response that beneficiaries have been receiving from them is, Disbursement is ongoing. You’ll be notified by SMS once you’re being paid.
A number student loan beneficiaries over the past years have dropped out of school, others have also deferred their programmes’ of study all in the name of late disbursement of funds to beneficiaries.
We agree with the government that our country isn’t in normal times but we are also disappointed in the Government for prioritizing Nursing and Colleges of Education trainees’ allowances over a loan that would be paid back by beneficiaries to the Trust Fund.
A portion of the Student Loan Agreement form reads: The Lender shall provide the Borrower with a Loan facility agreed by the parties herein and in the subsequent year(s) of the course of study of the Borrower. The Lender shall disburse the loan amount to the borrower of each year for the borrower’s course of study by two installments.
But here is a situation where most applicants haven’t received a penny from the Trust Fund and others receiving only one disbursement since January and March, although the first, second and third years of some of the beneficiaries programmes’ of study have ended. Beneficiaries are complaining their tenants have been calling them in between times to make payment of their hostel facilities since school is about to resume and failure to pay on time leaves them¬¬(tenants) no option than to give the hostels to other students.
Then again, the SLTF made a publication on their website(www.sltf.com.gh) to allow students and beneficiaries to apply for laptops to further their education -in the form of loan. Many students and beneficiaries took the opportunity and made their requests by applying for the above-mentioned loan but information gathered shows none of the laptop applicants have received a call or a text from any of the respective zonal and campus offices of the Trust Fund about the readiness or pick up of the item.
This has put the applicants in a dilemma because most of the applicants are in their third and final years and will be needing the laptops to write their thesis. The question we put before the SLTF is, when do the laptop applicants expect their loans?
As a coalition, we plead with our able President of our country Ghana, to order the Ministry of Finance and the Ghana Education Trust Fund (GETFUND) to release Funds to the SLTF so it can pay it beneficiaries.