Accessing tertiary education can be a challenge for financially unstable students in Ghana. However, the government has established the Students Loan Trust Fund (SLTF) to provide timely financial services to eligible Ghanaian tertiary students. In this publication, we will discuss how to apply for a student loan from the Students Loan Trust Fund and make your dreams of higher education a reality.
Eligibility Criteria:
Before applying for a loan from the Student Loan Trust Fund, you need to meet certain eligibility criteria, including:
1. Ghanaian Citizenship: You must be a Ghanaian citizen.
2. Admission to an Accredited Tertiary Programme: You must have been offered admission to study an accredited tertiary programme in Ghana.
3. Pursuing a Diploma or 1st Degree: The loan is available for students pursuing a diploma or a 1st degree.
4. Valid Ghana Card Number: You must have a valid Ghana Card Number, which can be acquired at designated Ghana Revenue Authority (GRA) offices for free.
5. Active Mobile Phone Number: You must have an active registered mobile phone number.
6. Valid Email Address: You must have a valid email address.
7. Student ID Card or Admission Letter: You need to provide a student ID card or admission letter as proof of enrollment.
8. E-zwich Card: You must have an E-zwich Card, which can be obtained at any bank.
Creating an Account for SLTF:
To start the application process, follow these steps:
1. Visit the official website of the Students Loan Trust Fund
2. Click on the Signup button.
3. Read and agree to the legal notice, if you agree to the terms.
4. Fill in the required information and click on Next.
5. On the user account info page, tick the box indicating that you agree to the terms of service and click on the Create Account button.
6. Once your account is successfully created, you will receive an activation code on your phone number or email. Enter the code in the provided textbox and click on the Activate Account button.
- Note: If you do not receive your activation code within 24 hours, contact the nearest Students Loan office for assistance. Activation codes expire after 48 hours, so ensure you enter the correct contact details to receive the code.
How Much Can I Get From SLTF:
The amount you can receive from the Students Loan Trust Fund varies based on your needs and a means-testing assessment conducted by the SLTF. The loan amounts range from GH¢1,500 as the lowest to GH¢3,000 as the highest.
Interest Rates:
The interest rate applied to student loans from the Trust Fund is a maximum of 12% until reviewed. If the T-bill rate exceeds 12%, the SLTF sets the rate at 12%. It is advisable to repay your loan sooner than the given repayment period to reduce the interest charges. The Students Loan Trust Fund aims to make loan repayment easy for students.
Applying for a student loan from the Students Loan Trust Fund is a significant step towards achieving your educational goals. By following the application process and meeting the eligibility criteria, you can access the financial support you need to pursue tertiary education in Ghana. Don't let financial constraints hold you back—take advantage of the opportunities provided by the Students Loan Trust Fund and unlock your potential.
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