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Government increases student loan by 50%

Government through the Ministry of Education has increased the financial allocations of students enrolled on the Student Loan Trust Fund programme by fifty per cent.

This is in fulfilment of the New Patriotic Party Manifesto promise made in the lead up to the 2016 elections.

The then opposition NPP on page 112 of its Manifesto stated that”We will also abolish the payment of utility bills by students. We will also increase the amount of loans under the Student Loan Scheme and restructure to streamline its administration to enhance recovery of the loans.”

“The NPP will place emphasis on the continuous linkage of academia with industry and the world of work to ensure curriculum relevance, thereby reducing graduate unemployment,” it added.

A statement signed by the Head of Public Relations at the Ministry, Vincent Asafuah, confirming the increase indicated that an amount  of GHS38,441,088 has been disbursed as full payment to the National Commission for Tertiary Education for onward payment to Principal's Conference in respect of the colleges of Education feeding, of which the Students Loan Trust Fund is part.

Nana Agyei Yeboah

-Nana Agyei Yeboah

Chief Executive Director of the Fund, Nana Agyei Yeboah, said the government was committed to ensuring that hindrances to quality education are alienated.

"Hitherto, the minimum amount given to beneficiaries was GHS 1,000 and it was capped at GHS 2,000 which was directly linked to needs assessment Government has subsequently increased the minimum amount to GHS 1,500 and maximum 3,000,” he said.

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