Student Loan Defaulters to Face Prosecution in September 2022

A new wave of student loan default cases will be brought before the courts in September, and it’s not just borrowers who will feel the heat this time around.

According to the Student Loan Trust Fund, defaulters can expect public outrage as well as government prosecution if they cannot come up with new repayment terms to avoid default and closure of their cases by the end of September.

This news follows hot on the heels of recent cases where borrowers were forced to pay back their loans in full or faced court-ordered debt collection, even when they argued they could not afford to do so.

What should you do if you have defaulted on your student loan?

According to Nana Kwaku Agyei Yeboah, the Chief Executive of the Students Loan Trust Fund (SLTF), those who have missed payments on their loans would face legal action starting in September.

Mr. Yeboah claims that everyone who profited from the loan but has not yet repaid it would be charged.

Are there any easy steps that you can take towards cleaning up your credit report?

If you’re one of the many Ghanaians struggling with student loan debt, you may be wondering what options are available to you. Unfortunately, if you default on your loans, you may be facing prosecution.

What are the benefits of paying off student loans early?

The benefits of paying off student loans early are numerous. Perhaps most importantly, you’ll save money on interest. The earlier you pay off your loan, the less interest you’ll accrue, and the more money you’ll save in the long run.

Additionally, you’ll be able to free up more of your income each month, as you won’t have to make loan payments. This extra money can be used to save for retirement, travel, or any other goal you may have.

FAQs

1. What is the Student Loan Trust Fund?

A public organization called the Students Loan Trust Fund was created in accordance with the Trustee Incorporation Act of 1962, Act 106, to provide funds for students’ use as well as to advance and assist the national objectives embodied in Articles 25 and 38 of the 1992 Constitution.

2. Who is eligible for the Student Loan Trust Fund?

You must be a Ghanaian and have received an admissions offer in order to enroll in a recognized tertiary program in Ghana. A valid Ghana Card Number is required (can be acquired at designated GRA offices for free).

3. How do I apply for the Student Loan Trust Fund?

1. You must upload all necessary and pertinent supporting papers in order to finish the application process.
2. Verify the details of your application.
3. Download and upload all the Agreement files that the application requires.
4. Get your biometric finger print taken at the neighborhood campus or zonal offices.

4. What are the benefits of the Student Loan Trust Fund?

The benefits of paying off student loans early are numerous. Perhaps most importantly, you’ll save money on interest. The earlier you pay off your loan, the less interest you’ll accrue, and the more money you’ll save in the long run.

5. What happens if I default on my loan?

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