In a stern warning issued by the Chief Executive Officer of the Students Loan Trust Fund, defaulting students have been put on notice that they must repay their outstanding loan balances within one month or face severe consequences.
The announcement, made on September 6, 2023, has sent shockwaves through the education community and has sparked a debate on the responsibilities of borrowers.
The Students Loan Trust Fund, an institution established to provide financial assistance to Ghanaian students pursuing tertiary education, has expressed deep concern over the rising number of loan defaulters. The organization has now resorted to public shaming and legal action to ensure compliance with loan repayment obligations.
In a public statement, the Chief Executive Officer of the Students Loan Trust Fund stated, “We refer to the loan you contracted with the Students Loan Trust Fund when you accessed student loans on the terms and conditions stated therein while a student at the tertiary level in Ghana. Failure to repay the full outstanding loan balance constitutes a breach of agreement and will be treated with utmost seriousness.”
The Trust Fund has published the names of the first batch of loan defaulters, making their identities known to the public. This bold move is intended to bring shame and social pressure upon the individuals who have neglected their financial obligations.
The list of defaulters includes students from various institutions across the country, and it serves as a warning to others who may be contemplating similar actions.