Prophet Nigel Gaise, the leader of True Word Prophetic Ministries, has been identified as one of the 30 defaulting borrowers of the Students Loan Trust Fund. Details of his default, including his photographs, were published in the Daily Graphic last Wednesday.
The Students Loan Trust Fund’s publication highlighted that Prophet Gaise, who completed his studies at the University of Ghana in 2012, has an outstanding student loan debt of GHS 4,391.
The decision to publish the names of defaulters is in accordance with the Students Loan Trust Fund Act 820, which mandates the SLTF to take necessary steps, including public disclosure, before pursuing legal action.
George Ferguson Laing, the Head of Public Relations at the Students Loan Trust Fund, emphasized the significance of loan repayment for the sustainability of the student loan scheme. He stressed the importance of borrowers honoring their obligation to ensure that future generations can also access tertiary education.
To meet the increased demand for student loans, the SLTF has made the decision to prosecute defaulting borrowers. Laing urged all borrowers to promptly take action to repay their loans in order to avoid legal consequences.
“The time for leniency has come to an end. Borrowers must fulfill their loan repayment obligations, thereby creating opportunities for others. It is both a moral and legal responsibility,” stated Laing.
The Students Loan Trust Fund aims to ensure the continued availability of funds for deserving students, and the prosecution of defaulters is seen as a necessary measure to secure the resources required for future loan disbursements. It is anticipated that the publication of defaulters’ names will serve as a reminder to borrowers of their responsibility to repay their student loans.