Nana K. A. Yeboah, CEO of the Students Loan Trust Fund has revealed that the Students Loans are still given notwithstanding Covid-19.
During an interview with Nhyira FM, Nana Yeboah gave some background history of the Students Loan Trust Fund. According to the CEO, the SLTF began way back in 2005 during Ex-president Kufour’s tenure of office. Nana K. A. Yeboah said from 2016 to 2019, the amount of disbursed loans were, GHS 15.4m, GHS 17.7m, GHS 27.2m and GHS36.5m respectively. Loans given to students increased after Nana Addo promised a 50% raise.
Over the years from 2016 to 2019, about GHS 204.9m repayments have been recovered starting with GHS 28.9m, GHS 54.6m, GHS 78.9m and GHS 42.5m. Loans are still being paid. Only 12% interest rate with a flexible payment he added.
How to apply for Students Loan
- Before you apply for a Students loan, you have to be a Ghanaian
- Admitted into a National Accredited University
- reading a programme accredited by the National Accreditation Board (NAB)
- have a SSNIT number
- a guarantor
For more information on how to apply and the application process, please visit here.
Future of Students Loan Trust Fund
Nana K. A. Yeboah added saying, “a time to come, you will no longer need a SSNIT contributor to apply for your students loan. The Ghana card linked with a drivers license will be used to disburse loans for students.” He also revelled that portfolios may be diversified in the future allowing postgraduates to also apply and benefit from the students loan.
A Diaspora Recovery
This is for students who travell abroad and do not know what means they can use to make payments,Nana Yeboah explained. He said; “Travelled students can now pay their loans with Visa/Master Card. Other students can also pay via mobile money.
Flexible Mode of Payment
Now there are various methosd that can be used to make repayments of students loan given and they include:
- at the office
- smart pay
- banks (GCB, ECOBANK, etc)
- SSNIT deductions.
More on the SSNIT deductions, the SLTF CEO explained that SSNIT will be alerted when you start working and deductions will be made monthly. He concluded that students should not shy away from obtaining a students loan to cover their fees as it is very flexible and beneficial.