The Students Loan Trust Fund (SLTF) has announced a major adjustment to its loan scheme, increasing financial support for regular students by 50 percent. The reform also cuts borrowing costs in half as part of a broader effort to make tertiary education more accessible and affordable.
With the new policy, students can now receive between GH¢2,250 and GH¢4,500 per academic year, compared to the previous range of GH¢1,500 to GH¢3,000. At the same time, the annual interest rate has been reduced from 12 percent compound interest to six percent simple interest, applied throughout both the study period and the repayment moratorium.
Officials say these changes stem from directives by President John Dramani Mahama for a comprehensive review of the student loan system. The president’s call led the SLTF to introduce wide-ranging reforms under his reset agenda, beginning in the 2025/2026 academic year.
According to the Trust, the reforms go beyond loan increases. The application and disbursement process has been simplified, with the previous E-zwich requirement now removed. “GCB Bank accounts for disbursement will now be created automatically within the No Fees Stress portal for all new applicants,” a statement signed by Chief Executive Officer Dr. Saajida Shiraz said.
The SLTF has also rolled out a new initiative called Students Loan Plus, under the No Fees Stress Initiative, which provides full tuition coverage loans paid directly to tertiary institutions.
“Under the auspices of the Ministry of Education, SLTF remains committed to enhancing equitable access to affordable and inclusive tertiary education in Ghana,” the release added.
