Regular Student Loan Disbursements See 50% Increment, 6% Interest Rate Reduction
The Students Loan Trust Fund (SLTF) has announced a 50% Increment in disbursements and a six per cent interest rate reduction.
In a statement, the Fund said this forms part of significant reforms sanctioned by President John Dramani Mahama for loan amounts to be revised and for complementary measures to be undertaken to enhance affordability, accessibility, and equity in higher education.
With regard to the regular student loan amounts, it said the loan amounts now range from GHC 2,250.00 to GHC 4,500.00 per academic year.
Meanwhile, the prevailing interest rate on student loans has been reduced from 12% annual compound interest to 6% simple interest during the period of study and moratorium.
Other reforms include the introduction of Students Loan Plus, a component of the No Fees Stress Initiative, which provides tertiary students with full fee coverage loans disbursed directly to tertiary institutions and a Streamlined Application and Disbursement Process, outlawing the E-zwich requirement for loan application.
“GB Bank accounts for disbursement will now be created automatically within the No Fees Stress portal for all new applicants.”
The SLF affirmed its commitment to enhancing equitable access to affordable and inclusive tertiary education in Ghana.
Story by Hajara Fuseini
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