The Students Loan Trust Fund is a public institution established under the Trustee Incorporation Act 1962, Act 106 to provide financial resources for the benefit of students and to promote and facilitate the national ideals as enshrined in Articles 25 and 38 of the 1992 Constitution.
It is a state-owned agency in charge of disbursement of loans to tertiary students in recognized institutions in Ghana.
You only qualify for a Loan from SLTF if;
- You are a Ghanaian
- You have attained admission to study an accredited tertiary programme in an accredited tertiary institution in Ghana.
- You are pursuing an undergraduate tertiary programme such as diploma or degree.
Here, students provide their legal documents required by the SLTF to be granted the loan.
Check: We don’t operate a protocol system- SLTF warns
Do you need a Guarantor?
Initially, one needed a Guarantor before he/she could access a loan from SLTF.
However, the introduction of the No-Guarantor policy under the current regime has made it easier for students to access loans, as one will present only the necessary documents demanded by the fund.
SEE ALSO: Students Loan Trust Fund Faces Funding Crisis as Demand Surges
Can teacher trainees apply for student loans?
Even though teacher trainees are in accredited institutions, and reading accredited programmes, they are not eligible to apply for the loan from the Students Loan Trust Fund due to the monthly stipends(allowances) they take.
See also: Mahama’s Education Policy: Will Trainees’ Allowances Be Scrapped?
The allowance is a grant from the government that need not be paid back.
It is a stipend to motivate the student teachers in the field of learning and also assist them to purchase learning materials for their learning journey.
SEE ALSO: Colleges of Education Re-opening Date, Academic Calendar, and Matters Arising
Trainees can only apply for Loans from SLTF only if government stops giving them allowances.
However, trainees can go in for scholarships from institutions that are ready to offer them such assistance
Read also: Allowances: Education Minister Assures Trainees of Prompt Payment of Arrears
It is sad to also know some scholarship schemes are also not ready to support students at the colleges of education due to the same trainee allowances.
SEE ALSO: Teachers in Colleges of Education to Embark on Indefinite Strike
Some claim it is enough to see them through college.
And the allowance too they are not paying too.