The Students Loan Trust Fund (SLTF) has disbursed GH¢25 million to cover allowances for 47,000 teacher trainees across all 46 colleges of education in Ghana.
This payment accounts for two months of arrears, according to Nuhu Bayorbo Mahama, the Chief Executive Officer of SLTF. He further indicated that efforts are underway to settle an additional two months of arrears to clear all outstanding payments.
Under the restored teacher trainee allowance scheme, each trainee is entitled to GH¢400 monthly, of which GH¢200 is allocated to their institutions as feeding grants, while the remaining GH¢200 is given directly to the students. Mr. Mahama emphasized that the disbursement is specifically for the 2023/2024 academic year and urged any trainees with unresolved issues to promptly submit their details to ensure they receive their allowances.
This is the second major payment by the SLTF within a week, following the release of GH¢20 million in loans to 13,500 students in tertiary institutions. Combined, the SLTF has disbursed a total of GH¢45 million in allowances and loans within the past week, bringing the total loan distribution to GH¢60 million since January 2024.
In August, the SLTF focused on debt recovery, reminding loan beneficiaries to settle their outstanding balances. Mr. Mahama noted that the fund was able to collect between GH¢90,000 and GH¢100,000 daily during this recovery month, and the SLTF is aiming to recover GH¢80 million from debtors this year, an increase from last year’s target of GH¢75 million.
The SLTF, established in December 2005, is dedicated to supporting students by providing financial assistance to ensure sound management of the fund. It also aligns with the broader national goals of promoting access to tertiary education as outlined in the 1992 Constitution.
SOURCE: https://dew360.net
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