The students’ loan trust fund addresses agitations by loan beneficiaries over delays In disbursement
The Students’ Loan Trust Fund (SLTF) has come under a lot of pressure in recent times over delays in disbursements to students. The Aggrieved Students’ Loan Beneficiaries released a communique on January 27, 2020, on the delays in disbursement and called on the SLTF to furnish them with answers to the sporadic delays in disbursement of funds to students.
On January 28, 2020, the SLTF released a response to the communique by the aggrieved students issued a day before. The release by the outfit of SLTF detailed some challenges that have resulted in the continuous delays in the disbursement of funds to students who are in need of them.
The Aggrieved Students’ Loan Beneficiaries released a communique on January 27, 2020 on the delays in disbursement and called on the SLTF
The sources of finance for the Loan Scheme are receipts from GET FUND, communications tax and repayments from beneficiaries’ loans recovered. However, they disclosed that as at then, the only forthcoming and reliable one was the recovery of debts from loan beneficiaries. These amounts are not too substantial to make general disbursements to beneficiaries en masse. Per the communique released,
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“For some time now, the Fund has been forced to rely heavily on recovered loans to disburse to students.”
The recovery of payments from past beneficiaries being the backbone of funding for the Scheme has resulted in loans being disbursed to beneficiaries in batches. As at May 12, 2020, the situation still persisted and has led to a further call on the outfit responsible for the allocation of funds to the Students’ Loan Trust Fund- the Ministry of Finance and GETFUND- by the Aggrieved Students’ Loan Beneficiaries.
A press release on May 12, 2020 by the Aggrieved Students’ Loan Beneficiaries pursuant of concerns over the prolonged neglect of their needs has led to an issue of a 5-working days ultimatum for feedback from the Ministry of Finance and GETFUND. The two outfits are yet to provide a public response to the grievances of the group.