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    How To Apply For Student Loan In Ghana: Student Loan Trust Fund

    This article is a comprehensive guide on  how  to apply for student Loan in Ghana. 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 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 the Tertiary Education

    One has to be eligible before applying for students 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 in a recognized tertiary institution in Ghana Accredited by Ghana National Accreditation Board.
    • Course / 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 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 however, 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 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 at least be at Senior Management position.

    Application Requirements

    Before an applicant applies for the loan he/she will require the following in order to successfully apply. Until these are provided the application will not be successful.

    • Telephone number of both applicant and 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 a SSNIT contributor, MMDA, Religious Body or a Corporate Body. Please refer to 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 the form as instructed.
    • After filling the online application form, print the application form.
    • Complete the Guarantor Deed and student’s loan.
    • Complete the agreement forms. NOTE: the forms should only be filled using a BLACK PEN and be filled in BLOCK LETTERS.
    • At the SSNIT office your guarantor and your guarantor fingerprint will be captured.
    • Photocopies of your student ID, SSNIT ID or reference number and the e-zwich cards will be needed.
    • Submit two copied of the application forms at 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 repayments of the student loans;

    1. Periodic deductions from beneficiary’s salary by his or her employer.
    2. Direct periodic payments to the SLTF by beneficiaries who are not employees of any organization (i.e. sole proprietorship, self employed etc).
    3. Outright payment of 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.