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Student Loan Trust Fund

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The Student Loan Trust Fund (SLTF) was set up in December 2005 under the Trustee Incorporation Act 1962, Act 820.

The objectives of the Trust Fund are to provide financial resources for the sound management of the Trust for the benefit of students and to help promote and facilitate the national ideals enshrined in Article 28 and 38 of the 1992 Constitution.

For the purpose of achieving the objectives of the Trust Fund, monies from the Trust Fund shall be applied to the relevant activities that the Trustees of the Fund may determine, including, in particular.

a. The provision of facilities to enhance tertiary education to support students.

b. The provision of money to support any other activities and programs for the promotion of relevant courses as determined by the Trustees, in consultation with the Minister.

The Students Loan Trust Fund is governed by a Board of Trustees that comprises distinguished individuals of relevant backgrounds relevant to the business of SLTF.

The members of the board are appointed by the President of the Republic. The day-to-day administration of the SLTF is headed by the CEO, assisted by a team of dedicated professionals.

The SLTF also has Campus offices in major institutions. The functions of these offices include:
a. Provide first stop for student inquiries.
b. Pickup and drop off points for Loan Application forms.
c. Loan Application verification for completeness of forms.
d. Liaise between the SLTF and the loan applicants.
e. Disseminate information to students in a timely manner.

The sources of loanable funds for SLTF include:

a. Monies paid into the Trust Fund representing up to ten percent of all the inflows into the Ghana Education Trust Fund.
b. Voluntary contributions will be tax-deductible.
c. Mobilization of resources from Ghana’s international partners interested in the advancement of tertiary education.
d. Contributions from the corporate sector that shall be tax-deductible up to the equivalent of 0.5% of the company’s actual profit before tax.
e. Loans from Social Security and National Insurance Trust.

Requirements For Student Loan In Ghana

As part of the consideration for the student loan, prospective applicants will need to ensure that both their institution and programs will make them eligible for the loan. To be able to access the loan, the following must be considered:

1. School is a tertiary Institution accredited by Ghana National Accreditation Board.
2. Programmes being offered are accredited by NAB
3. Loan is for only Ghanaian citizens living and schooling in Ghana
4. Only needy applicants will be considered

A borrower shall apply the loan granted from the Fund to defray personal expenses including fees, the cost of boarding, lodging, books, equipment, and for other purposes that may be necessary for the borrower’s course of studies.

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Other Application Requirements

Before an applicant applies for the loan he/she will require the following to successfully apply. Until these are provided the application will not be successful.

1. Telephone number of both applicant and guarantor
2. An E-zwich account that should be linked to your Bank account in the same bank.
3. Social security number
4. Should be a registered student of his/her school
5. Must have one personal guarantor who should either be a SSNIT contributor, MMDA, Religious Body, or a Corporate Body. Please refer to the guarantor requirement for details.
6. Two passport size photographs

Requirements of a Guarantor

GUARANTORS AND GUARANTEE
Your loan application must be guaranteed by any one of the following guarantors (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 contributor to the SSNIT pension scheme.
c. Must have contributed to the SSNIT scheme for at least 36 months or 3 years.
d. Must not be more than 53 years old.
e. Must not have guaranteed for more than one (1) person already. (Parents can, however, guarantee for all their children)

Religious Body
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 Resolution by the Assembly to guarantee student loans.
b. The resolution should indicate 2 authorized signatories.
c. Signatories must include the Chief Executive.

Corporate Bodies
a. The company must be a member of Ghana club 100 and/or a company listed on the Ghana Stock at the time of guarantee.
b. There must be a board resolution authorizing the guarantee.
c. Two signatories are required and should at least be in a Senior Management position.

Application Process For Student Loan In Ghana

  • Log on to the SLTF website www.sltf.gov.gh
  • Follow the link on the website and apply for a loan (You may save and continue with the application later if you do not complete it in one sitting).
  • Follow general instructions in filling out forms online (Upload a passport picture online)
  • Print out the summary pages of your Loan Application Form
  • Print out and complete the Guarantor Deed and Students Loan
  • Agreement forms (Complete all forms in BLACK INK and BLOCK LETTERS only)
  • Have your fingerprints (INDEX AND THUMB) and your guarantor’s
  • THUMBPRINT taken at any SSNIT branch office. You will be assisted by a SSNIT official. (Guarantor thumbprint applies to SSNIT guarantors only).
  •  Attach photocopies of the following:
  • Student ID card and Admission letter.
  •  SSNIT ID number or SSNIT reference number.
  •  e-zwich card (both sides).
  • Submit 2 original copies of the duly completed forms and copies of the supporting documents to your respective SLTF Campus Office.

Loan Repayment

Interest Rate
In other to maintain the value of the money and preserve the Fund for posterity, interest is charged on the loan at a highly subsidized rate. Inflation is an important factor in determining the interest rate.

The following schedule of interest rate shall be charged on the loan:

 

MORATORIUM

REPAYMENT PERIOD
STUDY PERIOD NATIONAL SERVICE PERIOD 1-YEAR GRACE PERIOD REPAYMENT PERIOD
*GOG182 dayT-bill rate *GOG182 dayT-bill rate *GOG182 day T-bill rate *GOG182 dayT-bill rate + 2%

* GOG – Government of Ghana.
# Maximum rate applied will be 12% until reviewed. In effect where the T-bill rate goes beyond 12%, the SLTF shall fix the rate at 12%.

Loan Repayment Period

*Number of Loans taken National Service Period (Yrs) Grace Period (Yrs) Repayment Period (Yrs)

1

1

2

2

2

1

1

4

3

1

1

6

4

1

1

8

5

1

1

10

6

1

N/A

10

7

1

N/A

10

* The total loan received in an academic year is considered as one loan taken

It is in the interest of applicants to pay off their loan sooner than the repayment period given, in order to reduce the interest charges.
Students loan repayment made easy. Please contact our partner banks with your Social Security number to make payments:

A. GHANA COMMERCIAL BANK: SMART PAY
B. NATIONAL INVESTMENT BANK: SPECIAL SLTF PAY IN SLIP
C. ECOBANK GHANA: BANK – COLLECT

Borrowers can walk into the head office of the SLTF to make payment at no. 47, 3rd Crescent Avenue Asylum Down, near Highgate Hotel.

Borrowers can now make their Students Loan payment by any of the following modes/platforms quoting clearly your Social Security Number (SSN):

  1. MOBILE MONEY: by dialling Shortcode *737*206# follow prompts to make payment
  2. MYGHPAY: by visiting the website: www.myghpay.com or downloading the myghpay app on Google Play Store
    Register/login click on SLTF Logo → follow onscreen prompts to make payment with either your Visa, MasterCard (OR) Mobile Money
  3. GT COLLECT: Make payment at ANY GT Bank branch across the country, using customized pay-in-slip.

In conclusion, getting a student loan will help lessen your financial hustle in school so that you may have the full concentration for your studies.

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