Student loans increased by almost 40%

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Tertiary students across the country will now have the opportunity to access more credit facilities from the Student Loan Trust Fund (SLTF) as government has increased monies disbursed by the fund.

Currently, students can receive  a minimum of GHc1, 000 and a maximum of GHc3,000 within an academic year.

This was disclosed by Executive Director of the Students Loan Trust Fund, Sheila Naa Boamah on the Citi Breakfast Show on Tuesday.

“A lot of student organizations have been giving the board and the Ministry of Education a lot of pressure. So at our last board meeting, the amount was increased so currently as we speak, the minimum amount has been increased from GHc650 to a GHc1,000 and the maximum has been increased from a GHc1, 600 to GHc3.000.”

She explained that the board arrived at the decision after a number of considerations.

“…So the average student will be getting a GHc1,500, and it is also because many of the students fall into category three. At category three, we are getting about GHc1, 800 or GHc1, 700 divided into two over two academic years. So many of the students, unless you are at the minimum where you will get a GHc1,000, many of them are around the GHc1,000 average per academic semester,” she added.

The SLTF Executive Director also explained that, students in private tertiary institutions also benefit from their loans.

“Whether you are in private or public university, as long as it is a tertiary institution and accredited, the Ghanaian student will qualify for it. Last year, we supported over 30,000 Ghanaians with the student loan.”

Source: citifmonlie