The Executive Director of Africa Education Watch, Kofi Asare, has raised concerns about the small amount of money students receive from the Students Loan Trust Fund (SLTF) for tertiary education.
Speaking in an interview on TV3’s Ghana Tonight programme on Monday, February 19, Asare stated that the average loan of GHC2,400.00 per year is not enough compared to the high costs of education, which can reach GHC15,000.00 to GHC17,000.00 annually.
He further emphasized that the current funding model is unsustainable and urged the government to allocate more resources to ensure that genuinely needy students receive adequate financial assistance.
“The average loan is about 2,400 cedis; that is 1,200 cedis a semester. Ask yourself whether 1,200 cedis can prevent a poor person from dropping out of tertiary, especially when the cost of tertiary education averages 15,000 [cedis] a year for humanities and 17,000 [cedis] plus for sciences,” he stated.
Asare’s remarks underscore the pressing need for a review of the SLTF’s funding architecture, especially since the implementation of the ‘no-guarantor’ policy, which aimed to broaden access to loans for students.
However, despite this policy shift, the SLTF faces challenges in meeting the increasing demand for loans, leaving many students without the necessary financial support to pursue higher education.
“A guarantor-free student loan scheme was introduced about a year and a half ago for Ghanaian students to be able to access the loan using their Ghana card, which is great.”
“The whole idea is to expand access to the loan so the poor or needy students who require funding to access tertiary [education] will not be constrained by virtue of the fact that a relative might not be a SSNIT contributor. Unfortunately, we have not been able to provide adequate funds to support the increasing demand for the student loan,” he added.
Speaking to Univers News on this matter, beneficiaries of the Student Loan Trust Fund at the University of Ghana expressed dissatisfaction with the amount provided, noting that it falls short of covering their tuition fees, let alone accommodation and other essential expenses. Additionally, they have raised concerns about the delays in receiving the funds, which have occasionally resulted in some students having to skip courses for entire semesters.
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Story by: Nsoh Ezekiel | univers.ug.edu.gh
