The Students Loan Trust Fund (SLTF) has increased the loan amounts available to regular students by 50 percent. As a result, loan amounts now range from GH¢2,250 to GH¢4,500 per academic year, compared to the previous range of GH¢1,500 to GH¢3,000. Additionally, the interest rate on student loans has been reduced from 12 percent annual compound interest to 6 percent simple interest for both the duration of study and the moratorium period.
Reforms
The move is part of significant reforms introduced by the SLTF following President John Dramani Mahama’s directive for loan amounts to be revised and for complementary measures to be undertaken to enhance affordability, accessibility, and equity. “GCB Bank accounts for disbursement will now be created automatically within the No Fees Stress portal for all new applicants,” a release signed by the Chief Executive Officer, Dr Saajida Shiraz, indicated.
Loan Plus
The SLTF has introduced the Students Loan Plus, part of the No Fees Stress Initiative, which offers loans that cover full tuition fees for tertiary students. These loans are disbursed directly to the tertiary institutions. “Under the auspices of the Ministry of Education, SLTF is dedicated to improving equitable access to affordable and inclusive tertiary education in Ghana,” the organization stated.
Source: Emmanuel Bonney
