Eight public institutions are facing legal action from the Students Loan Trust Fund (SLTF) for neglecting to deduct the necessary amounts from employee salaries and transfer the funds to the trust.
A total of 98 employees who took out student loans from the Students Loan Trust Fund (SLTF) have been found to be in default on their loans. Consequently, in order to address this issue, the SLTF has enlisted the assistance of the police.
Law enforcement officials have given defaulting employers one more chance to correct their noncompliance before facing legal action.
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In order to resolve the matter, these institutions according to Graphic Online, have reportedly already received formal summonses to appear before the Criminal Investigations Department (CID) of the Ghana Police Service. The concerned institutions have received notices three times, but they have not responded to the police’s request yet.
The SLTF’s chief executive officer, Nana Kwaku Agyei Yeboah, emphasised his intention to retrieve the past-due loans to ensure that Ghanaian students pursuing higher education would continue to get financial assistance. He highlighted that the fund’s mission is to support students and the next generation in securing financial help to pursue their dreams of higher education.
Employers’ neglect to collect and deliver loan repayments has been a persistent problem, according to Rosemary Aryee, SLTF’s Deputy Director of Repayment and Resource Mobilisation.
This disobedience made it more difficult for the fund to support both present and future generations of students. She referenced Section 24 of the SLTF Act 2011 (Act 820), which mandates that companies take money out of their workers’ salaries to cover loan repayments and put it into a trust.
As an essential institution in Ghana, the Students Loan Trust Fund’s mission is to increase student access to postsecondary education by offering financial support. It was established by the Students Loan Trust Fund Act 2011, Act 820, to guarantee that all eligible Ghanaian students may continue to pursue higher education.
