This article is a comprehensive guide to show you how to apply for a student Loan in Ghana. Remember, before you can apply for a student loan in Ghana, you must first enrol in a tertiary institution in Ghana.
These loan offering institutions work closely with the tertiary institutions. Students can also apply for the Tertiary Education Trust Fund. If you’re a student in Ghana looking to apply for a student loan, there are a few important steps you need to follow.
First and foremost, you must be enrolled in a tertiary institution within the country. Once you’re enrolled, you can begin the process of applying for a loan. There are several institutions that offer student loans in Ghana, and they work closely with the tertiary institutions to ensure that students have access to the funds they need to complete their education.
In addition to these loan offerings, students can also apply for Tertiary Education. You need to be eligible before applying for a student loan in Ghana, and there are some specific requirements that must be met by students. Some of them are listed below.
- You must be a Ghanaian citizen living and schooling in Ghana
- You must be admitted to a recognized tertiary institution in Ghana, accredited by the Ghana National Accreditation Board.
- Courses/programmes must be accredited by NAB.
- You should have a need for the assistance. The loans are advanced to needy students
- A borrower shall apply the loan granted from the Fund to defray personal expenses, including fees, the cost of boarding, lodging, books, equipment, and for other purposes that may be necessary for the borrower’s course of studies.
How to Apply for the Student Loan Trust Fund
Having met the general requirements for the Student Loan Trust Fund, there are other specific requirements that must be met by the applicant.
A Guarantor
- Guarantors and Guarantee
Your loan application must be guaranteed by any one of the following guarantors (SSNIT contributor, Recognized Religious Body, Metropolitan, Municipal and District Assembly, and Corporate body).
- SNNIT Contributor Guarantor
a. Must be a Ghanaian
b. Must be an active contributor to the SSNIT pension scheme.
c. Must have contributed to the SSNIT scheme for at least 36 months or 3 years.
d. Must not be more than 53 years old.
e. Must not have guaranteed for more than one (1) person already. (Parents can guarantee for all their children)
- Religious Body
a. Must be a member of a recognized, national religious body.
b. There must be evidence of the Institution’s decision to guarantee (Resolution).
- Metropolitan, Municipal, and District Assemblies
a. There must be evidence of a Resolution by the Assembly to guarantee student loans.
b. The resolution should indicate 2 authorized signatories.
c. Signatories must include the Chief Executive.
- Corporate Bodies
a. The company must be a member of Ghana Club 100 and/or a company listed on the Ghana Stock at the time of guarantee.
b. There must be a board resolution authorizing the guarantee.
c. Two signatories are required and should be at least at a Senior Management position.
Application Requirements
Before an applicant applies for the loan, they will require the following in order to successfully apply. Until these are provided, the application will not be successful.
- Telephone number of both the applicant and the guarantor
- An E-zwich account that should be linked to your Bank account in the same bank.
- Social security number
- Should be a registered student of his/her school
- Must have one personal guarantor who should either be an SSNIT contributor, MMDA, Religious Body, or a Corporate Body. Please refer to the guarantor requirement for details.
- Two passport-size photographs.
Application Process for Student Loan Trust Fund
- Visit the STFL Website with your internet-enabled device.
- On the right side of the website’s page, click on the “APPLY NOW” icon leading to the application page.
- On the application page, fill out the form as instructed.
- After filling out the online application form, print the application form.
- Complete the Guarantor Deed and the student’s loan.
- Complete the agreement forms. NOTE: The forms should only be filled using a BLACK PEN and should be filled in BLOCK LETTERS.
- At the SSNIT office, your guarantor and your guarantor’s fingerprint will be captured.
- Photocopies of your student ID, SSNIT ID, or reference number, and the e-zwich cards will be needed.
- Submit two copies of the application forms to your specific SLTF campus office.
In 2017, the Student Loan Trust Fund was increased from a minimum of GH¢650 to a minimum of GH¢1,000. The maximum was also increased from GH¢1,600 to GH¢2,000. This increment is to help students meet the increase in fees of the tertiary institutions.
How to Repay Your Student Loan
There are three modes of repayment of the student loans;
- Periodic deductions from the beneficiary’s salary by his or her employer.
- Direct periodic payments to the SLTF by beneficiaries who are not employees of any organization (i.e., sole proprietorship, self-employed, etc).
- Outright payment of the total loan amount plus interest due.
Interest Rate of the Student Loan Trust Fund
When repaying a student loan through the Student Loan Trust Fund, a 12% interest rate must be paid. Nevertheless, if you are capable of paying the entire sum after completing your education, you can qualify for an interest fee exemption. This means you will solely be required to pay the loan amount that was initially granted to you, without any interest charges.
