SLTF disburses GH¢12 million in student loans under No Guarantor Scheme

The Students Loan Trust Fund (SLTF) has disbursed GH¢12 million in loans to 10,000 first-time beneficiaries enrolled in 148 tertiary institutions across Ghana under the government’s No Guarantor Loan Scheme.

The disbursement marks the first payment since the official launch of the No Guarantor Loan Scheme on June 9, 2022.

Speaking to the media in Accra, the Chief Executive Officer of the SLTF, Nana Kwaku Agyei Yeboah, said the funds covered first-semester loans for first-time applicants only.

He disclosed that the University of Education, Winneba recorded the highest number of beneficiaries with 1,523 students, followed by the Kwame Nkrumah University of Science and Technology (KNUST) with 787 beneficiaries. The University of Ghana had 511 recipients, Koforidua Technical University recorded 488, while Takoradi Technical University had 371 beneficiaries.

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According to the SLTF, the amount received by each student ranged between GH¢1,500 and GH¢3,000, depending on the outcome of a means-testing assessment conducted to determine each applicant’s financial needs.

Mr Agyei Yeboah said the disbursement would help reduce the financial burden on students and enable them to continue their academic pursuits without undue hardship.

He noted that continuing beneficiaries of the Students Loan Scheme had already received their payments in March 2022 and assured students that the Fund would continue to ensure the timely release of loans to qualified applicants.

The Chief Executive Officer appealed to beneficiaries to honour their repayment obligations after completing their studies to ensure the sustainability of the scheme and enable future students to access financial support.

He explained that applicants who had not yet received their loans were those who had failed to complete the required documentation and biometric registration, urging them to do so promptly to facilitate payment.

Mr Agyei Yeboah also encouraged eligible students who were yet to apply to take advantage of the scheme, stressing that it is available to all qualified students regardless of their political affiliation, religious belief, social background or ethnicity.

The No Guarantor Loan Scheme was introduced by the government to eliminate the long-standing requirement for students to secure guarantors before accessing educational loans, a challenge that had prevented many tertiary students from benefiting from the scheme.

Beneficiaries are required to possess an E-zwich card, issued by the Ghana Interbank Payment and Settlement Systems (GhIPSS), to facilitate the disbursement of their loans.