Loan Protection Scheme for Students

The student Loan Trust Fund (SLTF) yesterday introduced a Student Loan Protection Scheme (SLPS) in Accra.

Mrs. Kokui Adu, Ag. Executive Director of SLTF said the students’ Loan Trust Fund Board in consultation with students’ body in 2006 and 2007, agreed on the establishment of students’ loan protection scheme to protect loan beneficiaries, their guarantors, families as well as SLTF against default arising from death or total incapacitation of student borrowers.

She explained that the SLPS does not cover loan balances that are in default at the time of death or total permanent incapacitation of borrowers among some others.

Mrs. Adu stated that the SLTF, through its structure, has developed a scheme that provides a convenient mode of loan repayments through monthly deduction as source by ones employer.

She said, SLTF hopes the initiative will ensure that the goal of sustaining the students’ loan scheme is achieved.

Source: ISD (Beatrice Andzie)