The Government of Ghana, through the Students Loan Trust Fund (SLTF), has released GHS20 million to provide loans for students in both private and public tertiary institutions.
This move is aimed at supporting students in financing their tertiary education.
A total of 10,243 students who have applied for student loans are expected to benefit from this allocation.
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Mr Nuhu Bayorbo Mahama, the CEO of the SLTF, announced this development during a media briefing on Friday.
He revealed that the trust fund has disbursed a cumulative amount of GHS58 million to 54,658 students for the 2023/24 academic year.
Out of this, GHS27 million was allocated to approximately 68,000 teaching trainees as part of their allowances.
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Mr Mahama assured all students that the government, in collaboration with the Ministry of Education and the SLTF, will continue to prioritize their needs to enhance their studies.
“the payment release is to enable students to register for their courses and write their examinations without any financial constraints,” he noted.
He stated that since the introduction of the No Guarantor Policy two years ago, the demand for student loans has increased drastically due to the removal of the burden students used to face with getting people to guarantee their loans.
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According to Mr Mahama, each beneficiary student will receive an amount ranging from a minimum of GHS1500 to a maximum of GHS3000, based on their individual needs.