The managers of the Student Loan Trust Fund (SLTF) have indicated that beneficiaries who have defaulted in their loan payment will soon face legal action.
“Former beneficiaries must live up to their moral and legal obligations by paying back the loans which gave them the opportunity to better their education and their lives,” he said.
Mr. Yeboah also said that employers must deduct the loan amount from their employees who are beneficiaries of the fund.
“Since the student’s loan is a senior loan, employers are obligated by law to deduct payments from their employees at source and pay to the Fund. I’m therefore calling on employers to fulfill their obligation and caution employee beneficiaries to comply or risk legal action.”
He explained that the necessary steps have been taken to ensure that defaulters are brought to book.
“The fund has already through publication in the national media put defaulting borrowers on notice that action will soon be taken against them. The fund has an array of measures it can take against such borrowers including publication of names and pictures in the media and legal action.”
The managers of the fund had earlier stated that the increase in the fund amount from 1,500 cedis to 3,00 cedis has led to an increase in demand for loans which has put a strain on the fund.
Therefore, they believe the fund can be sustained if those who received the loan payback in time for others to also benefit.