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.
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.
The Tertiary Education Scholarship Trust for Ghana is also another institution that offers financial assistance to people who wish to pursue education in a tertiary institution. They give full or partial scholarships to needy applicants.
The loans are available only for the under privileged of society. Upon completion of your education, you are required to repay the loan in full.
How do you get personal loans for students in Ghana?
To acquire loans for students in Ghana, you must first apply for the loan. The loan offering institutions work closely with the tertiary institutions to ensure there is availability of the loan services. Some organizations, like the Student Loan Trust Fund, have several regional offices that you can go to and get assistance.
In order to be eligible for a loan for students in Accra, there are certain important requirements that you are supposed to have;
- You have to be a Ghanaian citizen living in Ghana
- You have to be admitted in a recognized tertiary institution in Ghana
- You should have a need for the assistance. The loans are advanced to needy students
In addition to these requirements, one other important requirement is that the courses offered at the institution should be accredited courses.
Students Loan Trust Fund emerging issues
Before we get to the process of applying for the STFL personal loans for students in Ghana, let us look at some of the emerging issues.
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. This was, according to the senior communications manager of STFL, meant to help students meet the increase in fees of the tertiary institutions. He explained that the prices were still going to get revised upwards in the coming years.
As of 2017, the number of beneficiaries of the program totaled to almost 90,000. It is estimated that almost 15,000 students become beneficiaries every academic year. This has also come with challenges when it comes to repayment of the loans. It was estimated that in the year 2016, a total of 31,233 beneficiaries defaulted on paying their loans that amounted to 78 million Cedi’s.
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For this reason, the fund has tried to put in place mechanisms that will allow them to recover the loans they give offer beneficiaries. They have embarked on working with employers to ensure that every employee who has an outstanding loan will have some money deducted from their salaries. For those not employed, the fund has also made a point to create a partnership with the National Service Secretariat to help inform the students who have not already been posted on how they can repay their loans.
How to apply for the Students Loan Trust Fund loan
For students to be given personal loans for students in Ghana, they have to first apply for the loan. Here is how you apply for an STFL loan.
- You first have to have a computer with internet access. Go and log into the STFL website. On the right side of the website’s page, you will notice an icon “APPLY NOW”. Go ahead and Click on it. It will take you to the application page.
- On the application page, you will fill the online form using all the instructions that have been given. The page can be saved in case you do not finish the application process on time and you can continue from there later. You will be required to upload a passport photo of yourself.
- Once you are done with filling the online application forms, you print out the application form. You now have to complete the Guarantor Deed and student’s loan.
- You have to complete the agreement forms. The forms should only be filled using a BLACK PEN and BE FILLED in BLOCK LETTERS.
- You have to give your fingerprint together with that of your guarantor. The thumbprints will be taken at any SSNIT office countrywide.
- You will have to attach photocopies of your student ID, SSNIT ID or reference number and the e-zwich cards.
- After you are done, you have to submit two copies of the application forms at your specific SLTF Campus Office.
Answers to frequently asked questions about student loans offered in Ghana
Here are the most frequent questions asked by students, about students loans.
Are there free loans for students in Ghana?
The loans advanced to students are to be repaid. Some organizations like the Tertiary Education Scholarship Trust give full or partial financial assistance to students and the students do not pay back the money.
Are there interest free loans for students?
In loan repayment under the Student Loan Trust Fund, there is an interest of 12 % that you are required to pay. However, if when you are done with your education you have the means to pay the whole amount at once, you are eligible to have the interest fee waiver. You will only pay the loan advanced to you ONLY without interest
Are there fast loans for students in emergency?
The loans are advanced to needy students. There is a process to be followed and if you have proven that you are sincerely unable to pay for your education, you will get the loan.
Are there loans for graduate students in Ghana?
Most of the institutions offer loans to underprivileged undergraduate students.
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