EASY GUIDE: How to Apply And Get A Student Loan In Ghana

Student Loan In Ghana

You will learn how to apply for and obtain a student loan in Ghana in this article. You must enroll in a tertiary institution in Ghana before you may apply for a student loan there. The tertiary institutions and these loan-offering institutions collaborate closely. Additionally, students may apply for tertiary education. Tertiary Education Trust Fund.

How to Apply and Get for Student Loan in Ghana

One has to be eligible before applying for students loan in Ghana, and there are some specific requirements that must be met by students. Some of them are listed below.

  • You must be a Ghanaian citizen living and schooling in Ghana
  • You must be admitted in a recognized tertiary institution in Ghana Accredited by Ghana National Accreditation Board.
  • Course/programs must be accredited by NAB.
  • You should have a need for assistance. The loans are advanced to needy students

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.

READ ALSO: Fully Funded Scholarships in Finland Without IELTS

How to Apply for Student Loan Trust Fund

Having met the general requirements for the Student Loan Trust Fund, there are other specific requirements that must be met by the applicant.

A Guarantor

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 a Senior Management position.

Application Requirements

Before an applicant applies for the loan he/she will require the following in order 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 an SSNIT contributor, MMDA, Religious Body or a Corporate Body. Please refer to the guarantor requirement for details.
6. Two passport-size photographs.

Application Process for Student Loan Trust Fund

  1. Visit the STFL Website with your internet-enabled device.
  2. On the right side of the website’s page, click on the “APPLY NOW” icon leading to the application page.
  3. On the application page, fill out the form as instructed.
  4. After filling out the online application form, print the application form.
  5. Complete the Guarantor Deed and student’s loan.
  6. Complete the agreement forms. NOTE: the forms should only be filled using a BLACK PEN and be filled in BLOCK LETTERS.
  7. At the SSNIT office, your guarantor and your guarantor’s fingerprint will be captured.
  8. Photocopies of your student ID, SSNIT ID, or reference number and the e-zwich cards will be needed.
  9. Submit two copies of the application forms at your specific SLTF campus office.

How Much is the Student Loan Trust Fund?

In 2017, the Student Loan Trust Fund was increased from a minimum of GH¢650 to a minimum of GH¢1,000. The maximum was also increased from GH¢1,600 to GH¢2,000. This increment is to help students meet the increase in fees of the tertiary institutions.

How to Repay Your Student Loan

There are three modes of repayment of the student loans;

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. Outright payment of total loan amount plus interest due.

Interest Rate of the Student Loan Trust Fund

In loan repayment under the Student Loan Trust Fund, there is an interest of 12 % that you are required to pay. However, if when you are done with your education you have the means to pay the whole amount at once, you are eligible to have the interest fee waiver. You will only pay the loan advanced to you ONLY without interest.


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