If you are a student at the tertiary level contemplating taking money from the Student Loan Trust Fund, don’t do it. I have a friend who was paid Ghc 450 per semester over a period of four years and is now oweing more than Ghc 10,000.00 and still isn’t doing any meaningful job. Student Loan is the Biggest Scam in Ghana.
Ken Ofori Atta, at a recent UPSA graduation ceremony, said government payroll is full and exhorted the graduands to finds jobs for themselves or go into enterprenuership.
What that means is that if you graduated recently or will be graduating soon, there is zero chance of you getting a government job, and paying off any student loans may take decades. You can take as little as Ghc 4,000.00 and end up paying five or ten times that amount.
If God grants us life and wealth, we are going to set up an alternative student sponsorship scheme that will within 20 years make the SSNIT Student Loan Scheme redundant. It’s nothing more than a state sanctioned scam, a veritable debt-trap supported by our incompetent national administrators.
There is no guarantee that you will get a job after school and even if you get one, your wages may not be enough to pay off that loan as soon as possible. And it gets calculated at compounding interest rates, and they start calculating immediately after the first disbursement.
Avoid it if you can.