Applying for a Students Loan from the Students Loan Trust Fund in Ghana
The Students Loan Trust Fund (SLTF) is a government initiative aimed at enabling financially unstable students to access tertiary education in Ghana. The SLTF’s mission is to provide timely financial services to eligible Ghanaian tertiary students, with the vision of inspiring and unleashing greater prospects. This article will discuss how to apply for a students loan in Ghana from the Students Loan Trust Fund.
Is a Student Loan Good to Take?
Student loans can be considered good debt because the money borrowed is an investment in a degree that will lead to a well-paying job, allowing the borrower to pay off the debt over time. However, it is important to remember that taking on too much debt can be detrimental to a borrower’s financial future.
How to Get a Loan from the Students Loan Trust Fund
To be eligible for a loan from the Students Loan Trust Fund, you must be a Ghanaian pursuing an accredited tertiary programme such as a diploma or 1st degree. Additionally, you must have a valid Ghana Card Number, an active registered Mobile Phone Number, a valid Email Address, a Student ID card or admission letter, and an E-zwich Card.
Creating an Account for Student Loan from the Students Loan Trust Fund
To apply for a loan, visit the SLTF website at www.sltf.gov.gh and click on the Signup button. After reading the legal notice and agreeing to the terms of service, fill in the required information and click on Next. On the user account info page, tick the box “I agree to terms of service” and click on Create Account button.
Once you create your account successfully, you will receive an activation code on your phone number or email. Input the code you received in the textbox and click on Activate Account button. If for any reason you did not receive your activation code after 24 hours, contact the nearest Students Loan office for assistance. Note that any activation code sent to you expires after 48 hours.
How much can I get from the Students Loan Trust Fund in Ghana?
The amount received by the students after applying for the SLTF ranges from GH¢1,500 being the lowest and GH¢3,000 as the highest, depending on the needs of the students after a means-testing assessment by the SLTF before disbursement to the students.
What is the Interest Rate on Student Loan Trust Fund?
The maximum interest rate applied will be 12%, until reviewed. In effect, where the T-bill rate goes beyond 12%, the SLTF shall fix the rate at 12%. It is in the interest of applicants to pay off their loan sooner than the repayment period given, in order to reduce the interest charges. The SLTF also provides students with loan repayment options to make the process easier.
Conclusion
The Students Loan Trust Fund provides Ghanaian students with the opportunity to pursue their academic dreams despite their financial constraints. By following the steps outlined in this article, eligible students can apply for a loan and receive the necessary funds to further their education.
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