Before applying for a student loan in Ghana, one must be eligible, and students must meet certain standards. Some examples are provided below.
You must be a Ghanaian citizen who lives and studies in Ghana.
You must be admitted to a tertiary institution in Ghana that is accredited by the Ghana National Accreditation Board.
NAB accreditation is required for all courses and programs.
You should have a genuine need for assistance. The loans are given to deserving students.
A borrower must use the Fund loan to cover personal expenses such as fees, the cost of boarding, lodging, books, and equipment, as well as any other expenses related to the borrower’s course of study.
How to Make an Application for the Student Loan Trust Fund
After meeting the broad requirements for the Student Loan Trust Fund, the candidate must meet additional specialized conditions.
A Personal Guarantee
GUARANTEE AND GUARANTOR
Your loan application must be guaranteed by one of the guarantors listed below (SSNIT contributor, Recognized Religious Body, Metropolitan, Municipal and District Assembly and Corporate body).
a. Must be a Ghanaian SNNIT Contributor Guarantor
b. Must be a current member of the SSNIT pension scheme.
c. Must have been a member of the SSNIT scheme for at least 36 months or three years.
d. Must be under the age of 53.
e. Must not have already guaranteed for more than one (1) person. (Parents, on the other hand, can promise for all of their offspring.)
Religious Organization
a. Must be a member of a nationally recognized religious body.
b. Evidence of the Institution’s decision to guarantee must be provided (Resolution).
Assemblies at the metropolitan, municipal, and district levels
a. There must be evidence of an Assembly Resolution guaranteeing student loans.
b. The resolution should include the names of two authorized signatories.
c. The Chief Executive must be a signatory.
How to Apply for and Get a Student Loan in Ghana
This tutorial will teach you how to apply for and obtain a student loan in Ghana. Before you may apply for a student loan in Ghana, you must first enroll in a tertiary institution in Ghana. These lending institutions collaborate closely with tertiary institutions. Students can also apply for Tertiary Education. Tertiary Education Trust Fund
How to Apply for and Get a Student Loan in Ghana
Before applying for a student loan in Ghana, one must be eligible, and there are some special standards that students must meet. Some of them are listed below.
You must be a Ghanaian citizen living and studying in Ghana.
You must be admitted to a recognized tertiary institution in Ghana that is accredited by the Ghana National Accreditation Board.
NAB accreditation is required for courses and programs.
You must have a genuine need for assistance. Loans are made available to deserving students.
A borrower must use the loan from the Fund to cover personal expenses such as fees, the cost of boarding, lodging, books, and equipment, as well as any other expenses related to the borrower’s course of study.
How to Apply for the Student Loan Trust Fund
After satisfying the broad requirements for the Student Loan Trust Fund, the applicant must satisfy additional particular conditions.
GUaRANTORS AND GUARANTEE
Any one of the guarantors listed below must guarantee your loan application (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 participant in the SSNIT pension scheme.
c. Must have contributed to the SSNIT scheme for at least 36 months or three years.
d. Must be no older than 53 years old.
e. Must not have previously guaranteed for more than one (1) person. (Parents can, however, promise for all of their children.)
Religious Institution
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 an Assembly Resolution to guarantee student loans.
b. The resolution should list two authorized signatories.
c. The Chief Executive must be one of the signatories.
Corporate Bodies
a. At the time of guarantee, the company must be a member of Ghana Club 100 and/or a company listed on the Ghana Stock Exchange.
b. A board resolution authorizing the guarantee is required.
c. Two signatories are required, one of whom should be in Senior Management.
Application Requirements
Before applying for a loan, an applicant will need the following items. The application will not be accepted unless these are submitted.
1. Phone numbers of both the applicant and the guarantor
2. An E-zwich account that should be linked to your bank account in the same bank.
3. Social security number
4. He/she must be a registered student at his/her school.
5. Must have one personal guarantor who is an SSNIT contributor, MMDA, Religious Body, or Corporate Body. Please see the guarantor requirement for more information.
6. Two passport-sized photographs
Application Procedure for the Student Loan Trust Fund
Using an internet-enabled device, go to the STFL Website.
Click on the “APPLY NOW” icon on the right side of the website’s page to get to the application page.
Fill out the application form on the application page as directed.
After completing the online application form, print the application form.
Complete the Guarantor Deed and student loan.
Complete the agreement forms. NOTE: The forms should only be filled out in BLOCK LETTERS and using a BLACK PEN.
Your guarantor’s fingerprint will be taken at the SSNIT office.
Photocopies of your student ID, SSNIT ID or reference number, and e-zwich cards will be required.
Submit two copies of the application forms to your SLTF campus office.
How much money is in the Student Loan Trust Fund?
In 2017, the Student Loan Trust Fund was enhanced from a minimum of GH650 to a minimum of GH1,000. The limit has also been raised from GH1,600 to GH2,000. This increase is intended to assist students in meeting tertiary institution fee increases.
How to Repay Your Student Loan
There are three ways to repay student debt;
1. Periodic deductions from the beneficiary’s salary by his or her employer.
2. Direct periodic payments to the SLTF by beneficiaries who are not employees of any organization (i.e. sole proprietorship, self employed etc).
3. Full payment of the loan amount plus interest due.
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