Dr. Bawumia Launches ‘No Guarantor’ Students Loan Scheme

The Vice President of Ghana, Dr Mahamudu Bawumia has launched ‘No Guarantor’ policy for the Students Loan scheme.

The launching was held at the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi, on Wednesday June 8, 2022.

This forms part of the manifesto promise by the NPP ahead of the 2020 polls about the Students Loan Trust Fund (SLTF).

The policy was a promise made by the Akufo-Addo government prior to the 2020 elections, is to make tertiary education accessible to Ghanaian youth, especially graduates from the highly subscribed Free Senior High School programme.

The no guarantor policy removes the requirement for student loan applicants to produce a guarantor before accessing the loan.

Previously, one of the major obstacles for students who needed to access loans was the need for them to produce a guarantor.

But after this launch as pledged in the 2020 NPP manifesto, students only need a Ghana Card to access the loan.

Studies indicate that the implementation of this policy would lead to a 60% increase in demand for student loans.

Source:  MyGhanaMedia.com