Mahama to increase students’ loans to commensurate with prevailing educational cost

Mahama to increase students’ loans to commensurate with prevailing educational cost

There are several benefits of students loans, including:

Increased access to higher education: Students loans provide financial assistance to students who may not have the means to pay for their education upfront. This helps to increase access to higher education for individuals from diverse socio-economic backgrounds.

Opportunity for personal and professional growth: Higher education can open up opportunities for personal and professional growth, leading to better job prospects and higher earning potential. Students loans enable individuals to pursue their academic goals and invest in their future.

Flexibility in repayment: Many student loan programmes offer flexible repayment options, such as income-driven repayment plans, which adjust the monthly payments based on the borrower’s income. This can help alleviate financial stress and make it easier for borrowers to manage their loan obligations.

Investment in human capital: Education is an investment in human capital, and student loans enable individuals to invest in their skills and knowledge, which can lead to long-term benefits for both the individual and society as a whole.

Overall, student loans play a crucial role in facilitating access to higher education and supporting individuals in achieving their academic and career aspirations.

It is in line with these that Former President John Dramani Mahama has pledged to increase students’ loans to commensurate with the prevailing educational costs in Ghana if elected the next president of the Republic.

This proposal aims to address the financial challenges faced by students in accessing higher education and to ensure that all students have the opportunity to pursue their academic goals without financial constraints.

By increasing students’ loans, Mahama intends to make higher education more affordable and accessible to a wider range of students, particularly those from low-income backgrounds. This initiative could help alleviate the financial burden on students and their families, enabling more students to enroll in tertiary institutions and complete their studies successfully.

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Anthony Obeng Afrane