Students who applied for loans from the Students Loans Trust Fund(STLF) can now heave a sigh of relief as the government releases GHc 9.1 million for the benefit of more than 6,000 students.
A statement issued by the Fund said the amount will be released to the students this week.
It says the money brings to GHc 42.9 million, the total amount released in the 2019/2020 academic year.
The Head of Communications of the fund, Mr George Ferguson Laing, tells theghanareport.com although the fund had been making weekly payments, the last substantial payment was GHc 6.5 million.
Data from the fund indicates that there are more than 30,000 people currently on the scheme, with thousands of students applying annually.
In January this year, the SLTF apologised to students across the country over the delay in 2019/20 disbursement of loans.
The fund said the delay was due to the inability of the Fund to recover funds from borrowers.
In November last year, the fund published the names of dozens of people who owed it.
The Trust was chasing more than 3,000 people who were yet to make a single payment on funds they received since 2006.
Currently, the main sources of funding for the Fund are receipts from the GETFUND, Communications Service Tax and repayments from beneficiaries of the Fund.
Disbursements
The SLTF disbursed about GH¢20.4 million to 16,637 students in the country’s tertiary institutions for the 2018/2019 academic year.
The beneficiaries include 1,500 fresh applicants whose applications have been validated by the fund.
In 2016, 32,000 students received GH¢78 million from the fund to cushion them against financial difficulties.
The Daily Graphic, in its November 23, 2018 edition, drew attention to the dire situation of students who depended on the financial aid to meet some of their pressing needs.
To meet hikes in the expenditure of the students, the SLTF increases the loan amount to each student every academic year. In 2018, the minimum was GH¢2,000 and a maximum GH¢3,000.
In 2016, the minimum amount was increased from GH¢650 to GH¢1,000 and the maximum from GH¢1,600 to GH¢2,000. However, that led to a considerable strain on the fund, the managers said.
Desperate measures.
Please we’re eagerly waiting for the trust fund to pay us , because some rely on it to pay our fees.
University students are waiting u.
University students are waiting u.
Please what about the teacher and nursing trainee allowance
Pls I will like know from you(SLTF) when do you start charging the compound interest on the principal amount been collected by the beneficiary?. Because for what I was told when taken the loan was that,interest would be charge when you or I secure a job but after I read my statement I realised that its never true rather the interest is been charged right from the month the amount or loan is taken.
Please I need a support from the Sltf but don’t know how to apply. Please help me because my Dad who is the bread winner is dead.
Visit http://www.sltf.gov.gh
Always uds wa campus students are last. But this time around please start with as
In 2016, the minimum was increased from 650 to 1,000 and the maximum was increased from 1,600 to 2,000.
In 2018, from 1,000 to 2,000 and from 2,000 to 3,000 being the minimum and maximum respectively.
Why then in 2019 the minimum became 800 and the maximum being 1,500. Mr. Fund managers, please I need your clarification on this matter.
Thank you
I heard of laptop to beneficiary
Please how truth it is
good aptaning sar my name is adamu ilak business i don have moniy pls hlp 500 thosent
All we want is for sltf to pay our loans on time and respect time value of money.
You don’t pay us on time but you expect us to do our repayment on time. When you make late payments, no interest is added to the money but when a beneficiary makes late payment, u have the right to add interest on daily basis. God have mercy on such bad practices and gross cheats.
Gun only God would save us from this. We pray it happens
Please, I applied for this loan in 2018 and up to now, it’s only once (2018/19 academic year) that I received money from the fun.
2019/20 I haven’t received anything from the fund. Now, we are about to start 2020/21 academic year and the Fund hasn’t said anything concerning disbursements. Please, we expect interest on the money just as the way you usually charge interest on those who make late repayments.
Please, we also demand full payments for the two academic years that you haven’t paid. Some of us borrowed monies from other sources to support ourselves in the absence of the loan and we need to pay them back.
Thank You.