STUDENTS LOAN TRUST FUND (SLTF) @ 10
A DECADE OF DEDICATED SERVICE TO THE GHANAIAN TERTIARY STUDENTS
BY
MRS SHEILA NAAH BOAMAH-
CHIEF EXECUTIVE OFFICER
@ THE PRESS LAUNCH OF THE 10TH ANNIVERSARY
FRIDAY 4TH SEPTEMBER 2015
MINISTRY OF EDUCATION CONFERENCE ROOM
OUTLINEBefore the establishment of Students Loan
Trust Fund
ERA OF SLTF: DISBURSEMENTS
Disbursement Reforms
Disbursement Statistics (Inception to Date)
ERA OF SLTF: REPAYMENTS/RECOVERY
Repayment Reforms
Repayment Statistics
Creating access through Information
Our Future
FACTSHEET ON HIGHER EDUCATION
ACCORDING TO THE 2010 POPULATION AND HOUSING CENSUS
Only 4.5% (1,170,000) our population (26,000,000) had
attained higher education beyond the secondary level
and less than half a percent of the population 6 years
and older had had a post-graduate education.
i.e. 24,830,000 have not travelled beyond Secondary
BEFORE THE ESTABLISHMENT OF THE STUDENTS LOAN TRUST FUND
1971- Students loan was first introduced in Ghana as a
Book Loan Scheme but abandoned the next year.
1975-re-introduced and administered by GCB to cater for
books, equipment and living expenses (14years)
1988- SSNIT took over the management of students Loan
SSNIT
17years
BEFORE THE ESTABLISHMENT OF THE
STUDENTS LOAN TRUST FUND
SSNIT’s 17 years
Process
Bank Accounts
SSN No
Paper applications
Programme based amounts
3 Guarantor with 5years minimum contribution
193,375 Students
out of which
14,871
beneficiaries have
benefited in
multiple courses
ERA OF THE STUDENTS LOAN TRUST FUND
2005 established to take over the responsibility of managing
student’s from SSNIT and enacted into law by the SLTF Act
2011, Act 820 in 2011.
ERA OF THE STUDENTS LOAN TRUST FUND
Section 2(1) of the SLTF Act 820, States that the object of the Fund
“…..is to provide financial resources and the sound
management of the fund for the benefit of students of
accredited tertiary institutions pursuing accredited
tertiary programmes, and to promote and facilitate
the national ideals enshrined in articles 25 and 38 of
the 1992 constitution”
ERA OF THE STUDENTS LOAN TRUST FUND
SLFT is a Government Agency under the Ministry of
Education.
ERA OF THE STUDENTS LOAN TRUST FUND
REFORMS
SSN
Paper & online application
Means Testing based amounts
E-zwich card
SSNIT Guarantor -1 & minimum of 3years
contribution
Introduction of SLPC- 2010/2011 academic year
ERA OF THE STUDENTS LOAN TRUST FUND
Total Disbursement from inception to date- 73, 250
117 Institutions on
the SLTF Portfolio
from both Pubic and
Private tertiary
institutions in Ghana
ERA OF THE STUDENTS LOAN TRUST FUND
Institutions Number
Public universities 10Public Polytechnics 10Specialized institutions 5Private universities 35Private University Colleges 13Public CoE 39Privately Colleges of Education 5Total 117
ERA OF THE STUDENTS LOAN TRUST FUND
In the last two academic years we have
supported a total of 44 CoE
nationwide
5,896 Beneficiaries
from 44 CoE
Nationwide
LOAN AMOUNTS
Loan Amounts- GH670-GH1600
Interest Rates- 12%-14%
Duration of loan -6 to 18years
LOAN AMOUNTS
3YR PROGRAMME
COLLEGES OF EDUCATION
& POLYTECHNICS
TOTAL WHEN DUE
MINIMUM GH ¢2,986.70
AVERAGE GH ¢3,792.63
MAXIMUM GH¢7,585.26
LOAN AMOUNTS
4YR PROGRAMME
Undergraduate TOTAL WHEN DUE
MINIMUM GH ¢4,230.21
AVERAGE GH ¢5,371.69
MAXIMUM GH ¢10,743.38
LOAN AMOUNTS
6YR PROGRAMME
MEDICAL TOTAL WHEN DUE
MINIMUM GH ¢7,182.79
AVERAGE GH ¢ 9,121.01
MAXIMUM GH ¢18,242.01
CHALLENGES TO DISBURSEMENT
Rising Cost of Tertiary education
Post Admission Students Loan & Disbursement
Timelines
Third Party activities: SSN, E-Zwich Card,
Students ID
Getting Guarantors: Section 19 of SLTF
Act,2011, Act 820
DEALING WITH DISBURSEMENT CHALLENGES
Introduction of Students Loan Protection Scheme to
give comfort to Guarantors in times of death or total
permanent disabilities. Write offs since Inception- 52
Reduced qualification requirements for SSNIT
Guarantors
Amended qualification requirement for Biological
Parent Guarantors
Diversified the guarantor base
DEALING WITH DISBURSEMENT CHALLENGES
GUARANTOR TYPES NO OF
INSTITUTIONS
DESCRIPTION
RELIGIOUS BODIES
17 CHURCHES:- 15- ISLAMIC:- 2
MMDAs across 7 out of the 10
regions 20 VR - 4
CR - 1
WR - 2
BAR - 6
NR - 2
UER - 2
UWR - 3
CORPORATE ORGANISATIONS 0 0
Total supported as a result of diversification of Guarantors – 1,521
ERA OF THE STUDENTS LOAN TRUST FUND
REPAYMENTS/RECOVERY
Repayments commenced at the SLTF - 2011 (4years Old)
STATISTIC
Total Due - 38,031
Total fully recovered - 5,931
Total in repayment phase - 29,291
Default- yet to be established - 27
ERA OF THE STUDENTS LOAN TRUST FUND
About 389 REPAYMENTS PAY POINTS NATIONWIDE
GCB Bank - 157 Branches
GN Bank - 135 Branches
NIB - 31 Branches
Ecobank - 52 Branches
ALL SLTF Offices nationwide- 14 Zone Cheques Only
Head office Cash & Cheques
Must at all times quote your SSN
CHALLENGES -REPAYMENTS
Relocated Beneficiaries
Self Employed & Employments in the Informal
sector
Non-SSNIT Employees
The New Pensions Act
Timely transfers of employee Deductions
Corporate Bodies with weak Legal structures
DEALING WITH REPAYMENT CHALLENGES
REPAYMENTS/RECOVERY
Intensified stakeholder engagements
Intensified repayment visibility
Internet Portal for global interactions with beneficiaries
Employer Deductions Section 24, SLTF ACT 2011,ACT 820
Citizen Participations
CREATING ACCESS THROUGH INFORMATION
Students
Zonal Offices sited within Campus- 14 Zonal Offices
Campus Office- 98
CoE- 2Reps at each CoE nationwide
What's app
Face book
Info
Official Lines
Active SLTF Websit (Jan – Jul 2015] : Unique Visitors = 55,837; Number of Visits = 216, 306)
CREATING ACCESS THROUGH INFORMATION
NON- STUDENTS :
Social Engagements –Church Events, Other community
gathering
Local Languages using regional and district radio
Adult education in the various languages
CITIFM for urban dwellers
Viasat TV for youthful viewers
GTV for every one elseNewspaper & Magazines publications for reading group
AWARDS
National Union of
Ghana Students(NUGs)
Meritorious Award
January, 2015
Local NUGS
University of
Education, Winneba
(Kumasi Campus)
March, 2015
The Woman of
Excellence AwardLocal NUGS Award
Koforidua Polytechnic
March, 2015
AWARDS
Vice
Chancellor’s
Excellence
Award
KNUST
April, 2015
University Students
Association of Ghana (USAG)
Leadership and Excellence
Award
July 2015
CRITICAL PARTNERS-DISBURSEMENTS
BANKS
&
117 TERTIARY
INSTITUTIONS
CRITICAL PARTNERS-REPAYMENTS
CRITICAL PARTNERS-REPAYMENTS
14 Zonal Offices
across the Country
Head Office.
Stating your SSN at
all times.
WAY FORWARD
SLTF /GhIPSS:
Deployment of pay points within tertiary institutions
e.g
Business Centres,
Cafeteria/restaurants,
Finance Offices and
Bookshops
WAY FORWARD
SLTF/GCB Bank :
Deployment of PoS Devices to deprived
locations mainly CoE to provide Funds
Loading services on site.
WAY FORWARD
SLTF/NIB & other Financial Institutions
Additional Students Loan for Secured groups including
Post graduate Students,
Working Students,
Medical students
Teacher Trainees, and
Nursing Students etc
WAY FORWARD
SLTF/NIB – Additional Students Loan for
Secured groups including Post graduate
Students, Working Students, Medical
students etc
WAY FORWARD
Areas For Collaborations:
Private Sector Participation In Tertiary Education
Financing As A Vehicle For Bridging Skills Gaps In
Ghana
Nurturing Philanthropist From Past Beneficiaries &
Other Patrons Of Education
WAY FORWARDAreas for collaborations:
Increase supply of Teacher Trainee studying critical subject areas:
NESAR 2014 identified gaps in teachers as a major challenge
for the teaching of core subjects such as mathematics,
science, English and local languages. We are hoping to
collaborate with partners in education to improve on the
numbers of trainees teachers undertaking these critical subjects
to feed the national demand for such teachers.
FOOD FOR THOUGHT
The 2010 Population and Housing Census
also showed that over 70 percent of all
those with some education in Ghana did
not go beyond basic education.
Think about it
FOOD FOR THOUGHT
“Education is a human right with immense
power to transform. On its foundation rest
the cornerstones of freedom, democracy and
sustainable human development.”
Kofi Annan Think about it
Be an active participant
&
Lets improve the statistics
on Tertiary education in
Ghana
Ghana
First
Thank you
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