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El Samuels: MBN360
The Students Loan Trust Fund (SLTF) has announced significant reforms to make higher education more affordable and accessible in Ghana. As part of President John Dramani Mahama’s Reset Agenda, the new measures include a 50% increase in loan amounts available to tertiary students, effective immediately.
The reforms are aimed at enhancing affordability, accessibility, and equitable higher education across the country. According to Dr. Saajida Shiraz, Chief Executive Officer of the SLTF, these measures follow President Mahama’s directive to revise loan amounts and improve the overall student loan system.
Under the revised structure, loan disbursements to regular students have been increased by 50%, with amounts now ranging from GHC2,250 to GHC4,500 per academic year. The loans will be disbursed directly to students.
The SLTF has also reduced the interest rate on loan amounts to students. The prevailing interest rate on student loans has been reduced from 12% annual compound interest to 6% simple interest during the study period and moratorium.
Dr. Shiraz explained that the key reforms include increasing loan amounts, reducing interest rates, introducing the Students Loan Plus package, and streamlining the application and disbursement process.
These reforms include:
- A 50% increase in loan amounts available to tertiary students, with amounts ranging from GHC2,250 to GHC4,500 per academic year.
- Reduction of interest rates on student loans from 12% annual compound interest to 6% simple interest during study period and moratorium.
- Introduction of the Students Loan Plus package, providing full fee coverage loans disbursed directly to tertiary institutions.
- Streamlining of the application process, removing the E-zwich requirement, and automatic creation of GCB Bank accounts for disbursement.
Dr. Shiraz noted that these interventions demonstrate the government’s commitment to building an inclusive and accessible tertiary education system. “Under the auspices of the Ministry of Education, SLTF remains committed to ensuring equitable access to affordable tertiary education in Ghana,” she added.
The reforms are part of President Mahama’s No Fees Stress Initiative, a key component of his Reset Agenda, which seeks to reduce financial barriers for students and strengthen Ghana’s human capital development.
