Launching of the No Guarantor Students Loan Policy on 20th December 2021 at KNUST School of Business.
The Vice President of Ghana (Dr. Alhaji Mahamudu Bawumia) is set to launch the no guarantor policy which removes the requirement for student loan applicants to produce a guarantor before accessing the loan on 20th December, 2021 at the KNUST school of Business.
University students in the country can access students loan from a trust fund, some small loan given to students to help them complete their education.
This amount is only given to University students which they will pay back after school and not college of education students.
The College of Education students take allowances which they will not pay back after their education.
The agitation by some concern citizens raised was , Why would colleges of education students be given allowances if their colleagues at the universities receives loans whilst they are all pursuing the same course/programme and getting the same certificate.
PROBLEMS FACED BY UNIVERSITY STUDENTS
One of the issues associated with even accessing the loan is the guarantor aspect. You need one guarantor before you can access the loan. If you don’t have a Good friend or a family member who is a SNNIT contributor to guarantee for you then forget it.
This is because if you are unable to pay, your guarantors pension fund is deducted which makes people uncomfortable for guaranteeing for even their relatives.
CANCELLATION OF THE ALLOWANCE
During the former president John Mahama’s tenure, he attempted to cancel the allowance and introduce to the college Students; Students loan which is higher than their allowance just that they will payback to the system like their colleagues in the university since they will be running the same degree and diploma courses.
This was not taken lightly by the opposition which promised to maintain the allowance.
The allowance for the college of education has been maintained, and government also introduces a mandatory one year National service for all college students.
For the university students, now going in for a student loan is going to be way easy. Just your National Identification card and you are good to go. No guarantor.
This will take effect after the launching on 20th December, 2021.
The guest speaker Dr. Alhaji Mahamudu Bawumia, Vice President of Ghana .
What do you think? Should College Students be allowed to take the student loan?