Regular students now receive 50% more loans from the Students Loan Trust Fund (SLTF).
As a result, loan amounts currently vary between GH¢2,250 and GH¢4,500 for each academic year.
In the past, it was between GH¢1,500 and GH¢3,000. Furthermore, the SLTF has lowered lending interest rates.
Additionally, throughout the study term and the moratorium, the current interest rate on student loans has been lowered from 12% yearly compound interest to 6% simple interest.
The action is a part of major reforms that the SLTF implemented after President John Dramani Mahama ordered that loan amounts be adjusted and that complementary actions be taken to improve equity, affordability, and accessibility.
The SLTF has shortened loan application and disbursement procedures as part of the reforms, and the E-zwich prerequisite for loan applications is no longer required.
“GCB Bank accounts for disbursement will now be created automatically within the No Fees Stress portal for all new applicants,” stated a statement signed by Dr Saajida Shiraz, the CEO.
Additionally, it stated that the SLTF has launched the Students Loan Plus, a part of the No Fees Stress Initiative that offers full fee coverage loans to postsecondary schools.
“Under the auspices of the Ministry of Education, SLTF remains committed to enhancing equitable access to affordable and inclusive tertiary education in Ghana,” stated the statement.
President Mahama’s reset strategy for the nation includes the measures that go into effect in the 2025–2026 school year.
Source: newsthemegh.com