In a country where the youth make the majority of the population, it is no surprise that Education is one of the sectors that the government has to stress on.
The government strives to ensure that every youth can acquire tertiary education provided they are qualified. Its main aim was to bring equality offer loans to less privileged students who wish to pursue their tertiary education.
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In 2005, the Students Loan Trust Fund was established. It was created under the Trust Incorporation Act 820 of 1962, to offer loans to the students with financial constraints.
In 2017, the Student Loan Trust Fund increased the amount advanced to a student since a loan was increased from a minimum of GH¢650 to a minimum of GH¢1,000. The maximum was increased from GH¢1,600 to GH¢2,000. Currently the government and the management of the student loan trust fund has increased the minimum to GH¢1,500 and the maximum increased to GH¢3,000.
The loans are available only for the under privileged of the society. Upon completion of your education, you are required to repay the loan in full. Each person has a maximum of 10 years to settle all his/her loans after acquiring it.
To acquire loans for students in Ghana, you must first apply for the loan. Student Loan Trust Fund, have several regional offices that you can go to and get assistance. First, you must meet the qualification requirement and application requirement as explained below by the Students Loan Trust Fund.
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Qualification Requirements
As part of the consideration for the student loan, prospective applicants will need to ensure that both their institution and programmes will make them eligible for the loan. To be able to access the loan the following must be considered:
1. School is a tertiary Institution accredited by Ghana National Accreditation Board.
2. Programmes being offered are accredited by NAB
3. Loan is for only Ghanaian citizens living and schooling in Ghana
4. Only needy applicant will be considered
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.
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.
1. Telephone number of both applicant and guarantor.
2. An E-zwich account that should be linked to your Bank account in the same bank.
3. Social security number
4. Should be a registered student of his/her school
5. 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.
6. Two passport size photographs
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Requirements of 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.
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