Cabinet Approves 25% Increase In Students’ Loan
Cabinet has approved a twenty-five percent increase in loans to students in tertiary educational institutions for the 2002/2003 academic year. The approval means that eligible students will receive the sum of Two million cedis (¢2,000,000.00), as against One million five hundred thousand cedis (¢1,500,000.00) they received in the previous academic year. The Ministry of Education has accordingly been requested by Cabinet to conclude arrangements initiated in respect of the upward review. Cabinet however, expressed serious concern about the low loan recovery rate and advised beneficiaries to endeavour to contribute towards the sustainability of the loan scheme by paying back loans given to them. Cabinet also requested minister of Education to ask students to provide recommendations, along with other stakeholders, on how to improve upon the recovery rate of the loans.