This means that the students have defaulted in the repayment of the loans they took to cushion their education.
Out of the number, about 35,000 have made some form of payment, leaving more than 20,000 who have not paid anything at all, after the two-year grace period for repayment elapsed.
The Chief Executive Officer (CEO) of the fund, Nana Kwaku Agyei Yeboah made the revelation while he spoke to Accra based Daily Graphic.
According to him, the recovery rate of the fund was currently 65%.
Data from the fund indicated that 35% (about 7,000) of borrowers who had not paid anything to the fund said they were unemployed.
But, Mr Yeboah said, “the payment of the loan is not contingent on being employed. Even for those who are not working, the amount used in buying airtime alone could be saved to defray part of the loan.”
The measure, according to him, was to improve inflow into the fund to satisfy the needs of the thousands of applicants expected this academic year.
Meanwhile, the fund has warned the borrowers that they will begin to publish the names and pictures of defaulters in the national dailies in the coming weeks.