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Student loan insurance to be
introduced
Accra, Nov. 15, Ghanadot/GNA - The Student Loan Trust Fund
is to introduce a student loan insurance scheme in order to
relieve guarantors from defraying debt incurred by students,
who could not repay their loans as a result of temporary
disability after school.
Borrowers would, however, continue to be solely liable to
pay the loan and the Trust would not compromise any attempts
to skip payment, Mrs Kokui Adu, Trustee for the Fund said on
Thursday.
She was addressing student representatives at a briefing
session on the new Student Loan, which would replace the
Social Security and National Insurance Trust (SSNIT) student
loan scheme.
The Loan Trust became operational last year and provided
loans to 11,000 students in the 2006/2007 academic year.
Over 7,103 students, representing 63 per cent of continuing
students have benefited this year, while almost 1,000 fresh
students have also received the loans.
Mrs Adu said the SSNIT Loan had flexible repayment term, one
guarantor and other revisions in the SSNIT loans that would
enable students to have their loans on time to meet high
standard of living on campuses.
She said the Trust had also introduced an online
registration process and established campus offices to
facilitate applications and provide first hand information
to students.
Mr Kweku Tuoh Bombason, President of the National Union of
Ghana Students (NUGS), expressed worry over delays in
disbursing the loans to students.
He said considering difficulties encountered by graduates in
securing employment, there was the need to extend the grace
period for repayment.
GNA
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