The Students Loan Trust Fund (SLTF) has announced major reforms to student financing, following directives from President John Dramani Mahama aimed at improving affordability and accessibility in tertiary education.
According to a statement issued on Friday, November 7, under the new measures, regular student loan amounts, disbursed directly to students, have been increased by 50%, with loans now ranging from GH¢2,250 to GH¢4,500 per academic year.
The move is expected to significantly ease financial pressures on students across the country.
In addition, the Trust has reduced the prevailing interest rate on student loans from 12% annual compound interest to 6% simple interest during the period of study and moratorium.
This change is designed to make repayment more manageable for students once they complete their studies.
The reforms also include the launch of Students Loan Plus, a component of the No Fees Stress Initiative, which offers full fee coverage loans directly to tertiary institutions.
Furthermore, the loan application and disbursement process has been streamlined, with the previous E-zwich requirement removed.
New applicants will automatically have GCB Bank accounts created via the No Fees Stress portal, allowing for faster access to funds.
SLTF emphasised that the changes are part of broader efforts to enhance equity and inclusivity in higher education, ensuring that financial constraints do not hinder academic pursuits.
“These reforms mark a significant milestone in supporting students. By increasing loan amounts and reducing interest rates, we are providing tangible relief to those pursuing tertiary education in Ghana,” the Trust said.
The SLTF, operating under the auspices of the Ministry of Education, reiterated its commitment to empowering students and ensuring that higher education remains accessible to all.