AfriPulse
The Student Loan Trust Fund (SLTF) has urged graduates who benefited from its loan scheme to repay their debts, stressing that unemployment should not be used as an excuse for defaulting on repayments.
Speaking on the issue, the Head of Repayment and Recovery at the Fund, Rosemary Aryee, said many beneficiaries demonstrate through their lifestyles that they have the means to make at least some contributions toward their loans.
According to her, the Fund often encounters graduates who claim they are unemployed and therefore unable to repay.
However, she noted that some of these same individuals own expensive smartphones and spend heavily on internet data.
“We do know that some of the phones that our beneficiaries carry are more expensive than the loan amount that they are expected to pay, and so we don’t take kindly to statements like, ‘I do not work, I’m not working, so I will not pay my loan,’” she said.
Ms Aryee explained that personal spending habits can reveal a person’s ability to meet financial obligations.
She argued that beneficiaries who can afford costly devices and regular data subscriptions can also make efforts to repay their student loans.
“The amount of data the students use, the type of phones that students carry, are all indications that you can pay your loan if you really are set to pay your loan,” she stated.
She also challenged the widely held belief that graduates must secure formal office jobs before they can begin repaying their loans.
According to her, many income-generating opportunities now exist outside traditional employment.
“We also like to educate: you don’t need to be working in a bank or be formally employed. There are several informal activities that are happening, even online businesses are thriving, the students are undertaking,” she said.
Ms Aryee encouraged former students to take responsibility for their loan obligations and start repayments as soon as possible.
She warned that delaying payments only increases the amount owed because of the interest that continues to accumulate over time.
“The longer you leave it, the more interest it accumulates,” she cautioned.
The Student Loan Trust Fund has intensified efforts in recent years to recover outstanding loans and improve repayment rates.
The sustainability of the scheme depends largely on funds returned by past beneficiaries, which are then used to support new students pursuing higher education.
Loan defaults remain one of the biggest challenges facing the programme, as unpaid loans reduce the resources available to assist future applicants.
To make repayments easier, the Fund has introduced several convenient options, including mobile money payment platforms and flexible repayment arrangements.
These measures are intended to help graduates meet their obligations regardless of their employment status.
The Student Loan Trust Fund provides financial support to eligible Ghanaian students in tertiary institutions.
Beneficiaries are expected to begin repaying their loans after completing their studies, helping to ensure that future generations of students can also access financial assistance.
Source: TheGhanaReport | Read the Full Story…
