University Freshers Struggle To Secure Guarantors For SSNIT Loan

The Social Security and National Insurance Trust says it will not relax the guarantors’ requirement for its loan scheme. New entrants to the country’s tertiary institutions want the system relaxed because they have been experiencing some difficulty getting people to support their applications. But SNNIT says beneficiaries’ refusal to repay the loans has heightened the need to for the guarantors’ requirement.

Student applying for the SSNIT loan are having difficulty finalising their documents because of guarantors’ fears that their pensions might be withheld if the students refuse to repay the loans. The SSNIT policy of holding guarantors responsible for such loan defaults was not taken seriously in the past but lately it has become a big issue. Many guarantors who signed in the past have had their pension funds withheld because the students failed to repay the loans.

It is therefore not surprising that entrants to the country’s tertiary institutions now have difficulty getting guarantors for their loan applications. The students are struggling for guarantors; want SSNIT to relax the guarantors’ requirement.

However SSNIT is not willing to change its position. Public Affairs Manager of SSNIT Kwaku Osei Bimpong told JOY FM that the loan scheme remains operational after thirteen years because of the security guarantors provide. He say it is important that a a system is developed to ensure that beneficiaries of the loan scheme pay back what they take from SSNIT. “I think the students are having difficulty in getting the guarantors because past beneficiaries of the loan have not treated the guarantors fairly by refusing to pay the loans” he said.