Obtaining a student loan in Ghana can be a game-changer for students aiming to pursue higher education but facing financial constraints. The government, through the Students Loan Trust Fund (SLTF) offers loans to eligible Ghanaian students in accredited tertiary institutions. This financial support ensures that students can focus on their studies without the stress of tuition fees and other academic-related expenses.
Established in 2005, the SLTF aims to help Ghanaian students access quality higher education by providing low interest loans that help cover tuition fees, accommodation and other academic costs. The SLTF is primarily funded by the government, Social Security and National Insurance Trust (SSNIT), and other stakeholders committed to advancing education.
Requirements for Students
To qualify for a student loan in Ghana, students must meet the following criteria:
1. Be a Ghanaian citizen – Only Ghanaian nationals are eligible.
2. Be enrolled in an accredited tertiary institution – The student must be pursuing a degree or diploma in an accredited institution in Ghana.
3. Have a valid SSNIT number – Applicants must register for Social Security and National Insurance Trust (SSNIT) to qualify.
4. Have a valid national identification card – You need a valid Ghana Card.
5. Have a guarantor – The guarantor must be a contributor to SSNIT and should have completed their own repayments if they benefited from the SLTF.
Legible Institutions
Students from the following institutions are eligible to apply for SLTF loans:
1. Public Universities (e.g., University of Ghana, Kwame Nkrumah University of Science and Technology)
2. Accredited private universities (e.g., Ashesi University, Central University)
3. Polytechnics and technical universities (e.g., Accra Technical University, Koforidua Technical University)
4. Colleges of Education (e.g., St. Teresa’s College of Education)
5. Nursing Training Colleges and Accredited Health Institutions
6. Students pursuing undergraduate, diploma, and post-graduate degrees in these accredited institutions can all benefit from SLTF loans.
Documents Required to Apply for a Student Loan
Before starting your application, ensure you have the following documents:
1. A valid Ghana Card
2. A personal SSNIT number
3. A letter of admission from an accredited institution
4. Academic transcripts
5. Two passport-sized photographs
6. Guarantor’s details (including their SSNIT number and contact information)
Steps to Apply for a Student Loan in Ghana:
Online Application Procedure
1. Register online – Visit the official SLTF website and create an account. .
2. Fill in personal details – Provide your personal information, including your SSNIT number and Ghana Card details.
3. Attach necessary documents – Upload your admission letter, ID cards, academic transcripts, and guarantor’s details.
4. Submit your application – After filling out all the required fields, submit your application and wait for confirmation.
In-person Application Procedure
Obtain the application forms from the SLTF office or download them from the website.
1. Fill in your details and attach all required documents.
2. Submit the forms to the SLTF office closest to you or at your institution.
How Much Can You Get from the SLTF?
The loan amount varies from student to student based on their financial need, year of study, and the course they are pursuing. However, the loan ranges between GHS 1,500 and GHS 3,000 per academic year. Final-year students may be eligible for slightly higher amounts.
Interest Rates and Repayment Terms
The interest rate on the SLTF loan is 12% per annum, which is quite favorable compared to commercial loans. The repayment period starts after the student has completed their education and secured employment. Students typically have a grace period of two years before they are required to start repayment.
How to Repay Your Student Loan
Grace Period
The grace period is a two-year window given to graduates to start working and build financial stability before beginning repayment.
Repayment Methods
Loan repayments can be made through direct deductions from your salary, bank transfers, or mobile money. You can also make early payments to reduce the overall interest.
Can International Students Apply for a Student Loan in Ghana?
No, the SLTF loans are strictly available to Ghanaian nationals. International students are not eligible for these loans.
