Decentralisation of student loan scheme way to go

Dear Editor,

It is often said that education is the key to success.

Although there are divided opinions due to various reasons, one can not undermine its importance towards the growth of any country, including Ghana.

Over the years, successive governments have implemented various policies to ensure that every child gets access to quality education at all levels by bearing some of the cost.

We can talk of the Free SHS policy and also the free tertiary education for first year students by the current government. 

Also, one way the government supports tertiary students financially is through the student loan scheme where tertiary students apply for loans to support themselves financially and pay when they start working.

It is fair to say that the student loan scheme has been of immense benefit to students who apply and are lucky to have it.

That notwithstanding, a few of my friends I have interacted with have also shared their frustration about the whole application process.

According to them, some students have had to abandon the idea of applying for the loan due to the frustration they encounter while going through the whole application process.

Although I never applied for the loan during my days as a university student, I shared in their pain and frustration.

Tertiary institutions are uniquely positioned to identify ‘needy but brilliant students’ more effectively than any other state institution, and for this reason I am of the view that the student loan scheme should be decentralised, with universities managing the process through a well-constituted board.

Also, the board should be clothed with the responsibility of approving loan requests based on applicants’ demonstrated academic performance and proven financial need.

Such a localised approach, I believe, would make the funds available to the most deserving students promptly and efficiently and also address the bottlenecks associated with the whole loan application process.

Atom,

Sukura