The Students Loan Trust Fund (SLTF) has taken a major step toward securing the long-term sustainability of its operations following discussions with the Controller and Accountant-General’s Department (CAGD) on the recognition of student loan repayments as a statutory deduction for employees on the government payroll.
The engagement formed part of ongoing efforts by the Fund to strengthen loan recovery mechanisms and ensure the continued availability of financial support for tertiary students across the country.
According to the SLTF, the meeting provided an opportunity to fine-tune modalities for the implementation of the proposed deduction system while expressing appreciation to the Controller and Accountant-General and his team for their support throughout the process.
The Fund disclosed that securing recognition of student loan repayments as a priority deduction has been a key objective for some time and required months of extensive preparatory work, consultations, and engagements between the two institutions.
SLTF noted that the initiative is now nearing implementation following what it described as the cooperation, consideration, and commitment of the leadership of the Controller and Accountant-General’s Department.
As part of broader efforts to reposition the Fund for long-term sustainability, the SLTF said it is also pursuing similar collaborations with key state institutions, including the Ghana Revenue Authority (GRA), the Registrar-General’s Department, and the Social Security and National Insurance Trust (SSNIT).
The Fund emphasized that the move forms part of its strategy to improve loan repayment compliance and strengthen its capacity to support future generations of students seeking tertiary education.
As it marks 20 years of providing financial assistance to students, the SLTF reaffirmed its commitment to building a sustainable and resilient student financing system that enables Ghanaian students to pursue higher education without undue financial hardship.
The Fund also appealed to the public and stakeholders to support its efforts to create an enduring financing model that will continue to benefit students for years to come.
